Bitcoin has retreated almost 3% after reaching the local peak of $69,400. Key metrics from Bitcoin dominance and liquidity charts offer valuable clues about BTC's next move. Previous analysis has pointed out that the $69,000 region is a critical resistance area and the liquidity pool could pull prices there.
In recent trading activity, Bitcoin has almost touched a key resistance level at $69,000. BTC reached $69,400 within 24 hours, but quickly fell 2.7% to around $67,500. At the beginning of the week, metrics showed a bearish trend in the short term, suggesting that Monday's trading could play a significant role in determining the weekly trend.
According to in-depth analysis by COINOTAG, the 7-day liquidation heat map shows liquidation clusters at $70,000 and $66,400 levels. Bitcoin's pullback to the $69,000 level has recently added to the liquidity pool in the $70,000 region, creating an interesting price target for the start of the week. This could initially carry an upside potential towards $70,000, followed by a possible decline back to $66,400 levels. Watching whether Bitcoin can surpass these levels could provide clues about the week's short-term market directions.
The Bitcoin Dominance chart (BTC.D) has recently broken above previous range highs, indicating Bitcoin's outperformance compared to major altcoins. When broad market declines occur, altcoins tend to suffer larger losses compared to Bitcoin. This dominance information is important for traders and can be helpful in creating trading strategies based on market conditions. Watching this chart can provide important directional clues later in the week.
On the other hand, the Tether Dominance chart (USDT.D) is trending in the opposite direction, showing a potential bearish trend. A decrease in Tether Dominance reflects investors shifting from stablecoins back to cryptocurrencies. Historically, USDT.D movements have played an important role in setting the trading tone of the week, especially on Mondays. By tracking the performance of USDT.D and Bitcoin on Mondays, traders can better adapt their market strategies for the coming days.
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I EXPLAIN IN DETAIL.
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