What's Good Bitcoin?
Yesterday's hopes of a continuation were probably too bullish and left out some essential factors (yep, this can happen).
Looking at the current price action, order books, and additional data, here's what's currently happening:
âą Breakout Pump:Â Bitcoin experienced a rapid rise, breaking through resistance, which left many buy orders unfilled as the price moved too quickly.
âą Retracement:Â The price retraced back down to the levels where those orders were left behind, allowing traders to take profits and buyers to fill the orders.
âą Filling this "inside liquidity" is completed at the 62k level (mainly).
Whatâs Next:Â This kind of retracement is common and signals a healthy market correction.
62k is now the level to watch. Based on the above facts, we should see a stabilization and turn-around at this level.
A break below would signal a potential return to the consolidation channel.