Bitcoin is in a bearish trend in the short term. Recent market activity suggests that the price of Bitcoin (BTC) is in a downtrend. Over the past few weeks, Bitcoin miners have seen a significant decline in their profit margins, especially since the BTC price dropped to $49,000. This has led to significant outflows from miners, resulting in what the industry calls “miner capitulation.” In addition, the increase in hash rate and mining difficulty have made small-scale mining operations even more difficult.$BTC
Technical analysis and liquidation heatmap suggest that Bitcoin is facing an uphill battle at the $60,000 psychological resistance level, which is a potential recovery. Data shows that the Relative Strength Index (RSI) is trading near the neutral 50 level on the 12-hour chart, providing bullish signals. However, there have been continuous rejections at levels around $61,500. On-Balance Volume (OBV) has been trending upwards over the past two days, indicating a potential increase in BTC demand, which could push the price towards $63,000. However, this upward movement may be limited due to the need to overcome significant resistances and the current market imbalances.
Despite the bearish outlook, there are some signs that the momentum could be shifting in favor of the bulls. The magnetic zones highlighted by the liquidation heatmap show intense liquidation levels around $63,000 and $67,100. These zones could pull Bitcoin’s price to these levels, with a significant pullback possible. For BTC bulls, these magnetic zones offer a silver lining in the current market conditions.
While there are short-term gains, traders need to be careful about the broader bear market structure on the weekly chart. A break above the $69,500 level is needed for Bitcoin to change its bearish outlook. Until such a breakout occurs, short-term gains may be limited and the price could move rapidly in the opposite direction. Therefore, it is important for traders to carefully and harmoniously define their strategies.
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I EXPLAIN IN DETAILED.
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