Urgent Bitcoin Update: Analysis indicates a confirmed BTC downturn after the recent collapse. Any upward movement is likely due to liquidity being pumped into the market, masking negative accumulations. The recent collapse affected alternative currencies severely. Long opportunities seem scarce, and short positions are risky.
$BTC $ETH $TAO Analyzing BTC in detail, we observe a formation resembling the letter M, ranging from $50,700 to $73,800, with the second part completing near $60,700. Despite expectations of activation after the initial bounce, continuous liquidity pumping and fund collections disrupted this. The recent market-wide liquidity withdrawal led to significant contract liquidations.
Regarding the M pattern, potential break areas are around $65,500 and $60,700, with a possible decline to $50,700. On the daily candle chart, marking these areas reveals the M pattern clearly. Stay informed.
#BTCHalvingApril2024 #BNB币