BTC/USD 1-hour chart.
Bitcoin bears fail to spark monthly close sell-off
Data from Cointelegraph Markets Pro and TradingView tracked impressive overnight BTC price performance, which provided crucial support.
The closing price was just above $37,700, with bid-ask liquidity maintaining an intraday range and avoiding a last-minute sell-off, according to order book data from trading resource Material Indicators.
BTC/USDT order book data.
“Monthly close looks pretty good above $35,000,” popular trader Skew responded on X (formerly Twitter).
“It could be compressed to $35,000 to $39,000 in a matter of weeks.”
BTC/USD 1-month chart.
Skew added that the main resistance level on the monthly time frame is now higher at $47,000, which is around the 2021 all-time high of $69,000.
“The monthly candle is very good with a candle body low of $34.5K which is significant as the lower candle body low is higher than the previous candle body high. This is a sign of strength!” trader and chart analyst JT continued with his own summary.
“Lest we forget, closing this month $3,000 higher than last month, that’s progress!”
JT describes the high time frame chart outlook as “consistent and constructive.”
Hours after the close, Bitcoin surpassed the $38,000 mark, marking the first significant move in the second half of the week. In contrast, U.S. macroeconomic data failed to generate much reaction.
Federal Reserve Chairman Jerome Powell is scheduled to speak that day, which will be the last chance to trigger external volatility.
BTC price range has “significant” characteristics
Meanwhile, Material Indicators co-founder Keith Alan highlighted the stubbornness of the current sub-$40,000 range, arguing that clearing it will be significant.
Allen mentioned historical resistance/support (R/S) lines within the range, which hold similar importance to those that have been cleared, such as the 2017 all-time high near $20,000 during the previous cycle.
“If you think BTC is hovering around arbitrary price, you are wrong. There is a ton of history confluence in this little R/S flip zone,” he wrote overnight.
The attached chart shows the levels to watch on the monthly chart, as well as the long and short signals from one of the Material Indicators proprietary trading indicators.
BTC/USD 1-month chart.
#BTC #SAFU #Web3Wallet #etf #ETH
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
