What's Good Bitcoin?
Yesterday's hopes of a continuation were probably too bullish and left out some essential factors (yep, this can happen).
Looking at the current price action, order books, and additional data, here's what's currently happening:
• Breakout Pump: Bitcoin experienced a rapid rise, breaking through resistance, which left many buy orders unfilled as the price moved too quickly.
• Retracement: The price retraced back down to the levels where those orders were left behind, allowing traders to take profits and buyers to fill the orders.
• Filling this "inside liquidity" is completed at the 62k level (mainly).
What’s Next: This kind of retracement is common and signals a healthy market correction.
62k is now the level to watch. Based on the above facts, we should see a stabilization and turn-around at this level.
A break below would signal a potential return to the consolidation channel.
