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In the Bitcoin market today, we experienced some positive momentum initially, with a morning test reaching $69,500 followed by an upward trend. However, the price took a sudden downturn simultaneously with the fall of the SPX index, though we're still maintaining levels above $68,800. It appears plausible for us to hold slightly lower, around $68,100.
Maintaining stability at these levels could potentially pave the way for a retest at $74,000. It's crucial for bullish investors to prevent closing below this threshold today, as dipping below the gray line on the chart would likely result in another descent to the red band, thus elongating our journey upward.
There's a sense that we're on the brink of a significant movement, and the recent downward trend, seemingly without clear cause, may simply be a strategic maneuver by major players to liquidate some investors before propelling us toward $78,000.
Given the current data, I remain skeptical of this downward trend and anticipate its reversal soon, barring any unforeseen developments. Today presents itself as an opportune moment to aim for $73,000. Notably, the landscape of significant purchase and sale orders remains unchanged from yesterday, as does the SPOT market.
Despite Bitcoin's recent downward movement, several promising long-term opportunities have emerged, revealing favorable buying patterns. It's advisable to explore these opportunities as they may be fleeting, potentially marking the final chances for entry.
In the event of any declines, whether preceding or during the halving period, it's expected that they will not exceed a range of -20% to -25%, presenting an advantageous scenario for significant players awaiting their entry point into the market.
Disclaimer: This stellar analysis comes straight from the insightful Ualifi Araújo ( X - ualifiaraujo ), a beacon of wisdom in the crypto realm. Shared with permission within the Binance community.
LIVEThis week commenced positively, with Bitcoin trading above $69k. Significant spot purchases are driving the price upward, with substantial orders being placed just below the current price to bolster against any downturn. As we approach the close of the current 4-hour candle, achieving a close without retracing to $71,200 would be ideal. A close at $71,800 could set the stage for further gains up to $73k today, although it's advisable not to hastily open long positions.
Expectations are high for this week, with promising news on the horizon. It appears the entire market is primed for positive developments expected by Wednesday.
Reiterating the belief in the possibility of reaching $78k before the halving, especially given the current market sentiment. Despite persistent large sell orders at $76k/$78k and buy orders at $60k, the increasing number of bullish orders at $65,500 suggests growing confidence among buyers. These orders act as potential support levels during any downturn, inducing caution among bears. This shift in market dynamics explains the absence of new sell orders near $72k compared to last week.
This week presents an intriguing watch for market observers. A close above $71,200 today could signal a shift in sentiment, potentially sidelining bears for the remainder of the week.
Any potential downturn, whether preceding or coinciding with the halving event, is unlikely to exceed -20% to -25%, presenting an opportunity for large players awaiting entry into the market.
Disclaimer: This stellar analysis comes straight from the insightful Ualifi Araújo ( X - ualifiaraujo ), a beacon of wisdom in the crypto realm. Shared with permission within the Binance community, it's important to remember alway DYOR.
#BTC、 #Halving_update