🐳 Weekly BTC Update: 06/10/2024
The market remains in bullish territory, closing the weekly candle with a positive trend. Despite this, the past three weeks have seen attempts to overcome the 71k liquidity zone, but it remains unbroken. A green candle signals optimism, yet the inability to breach this level poses a significant challenge for altcoins. As BTC struggles to break through, dominance rises again, reminiscent of the market behavior observed on August 8.
👉 In the upcoming days, the market might continue its recovery trend. However, the closure for next week and the weekend may mirror the previous week's performance.
👉 The current amplitude has slightly shifted to 66,300-71,000. If we manage to completely break the 71,000 zone, there will be noteworthy developments. Otherwise, the market will just absorb liquidity as usual.
👉 Keep an eye on BTC at 71k. Altcoins are at their lowest in the past three months, offering substantial support. However, if BTC falls back to 66k or 62k, altcoins could potentially drop by an additional 20%.
Early in the week, focus on market recovery; by the end of the week, prioritize short positions.
