Bitcoin's 70k Rejection: The Beginning of the End?

BTC reached 70k as expected but immediately faced rejection at that level. This indicates selling pressure, as the price always gets volatile when approaching the 70k zone. Currently, BTC is below the median, hinting at a possible drop to 63.4k or a sweep of the gaps below, as mentioned before. (https://www.tradingview.com/x/UTzrTkO9/)

What should we expect?

BTC is still trading within our range of 73.8k - 59.1k. We will likely continue trading at these levels until BTC breaks out of this range. Then, we will react accordingly. Long-term, BTC is likely to retest the 50MA in the 1-day timeframe. The last time it touched the 50MA, it acted as support and pushed BTC to 70k. (https://www.tradingview.com/x/YyCXGOX5/)

Lower timeframe (4H)

BTC respected the Fibonacci levels, finding support at 63.6k (coinciding with the 50MA) before pushing to 69.4k, the next target after breaking the golden zone. Currently, we are back in the golden zone. These levels can guide your entry and exit points. I prefer opening a test buy position for BTC below the zone at 61.1k and adding more at 60k-58.1k. (https://www.tradingview.com/x/3mnFLptR/)

Historical data and FA

August and September tend to yield negative returns for Bitcoin. Additionally, in the stock market, August is a "ghost month," which can also impact the crypto market. I closed some spot positions during last week's pump. I plan to stay liquid, observe the market, and buy near the bottom or use a DCA strategy. BTC, ETH, and other large-cap coins will likely provide good long-term returns. Wait for market stabilization before making gradual investments. Altcoins can offer good returns, but avoid underperforming large-cap and mid-cap coins. They are likely declining in value and shouldn't be seen as discounted. Instead, follow trends and invest in projects gaining market attention. $BTC

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