$BTC Reacts to #MtGox Exchange's $9.5B Transaction
#bitcoin☀️ has encountered significant turbulence following news of MtGox exchange's movement of $9.5 billion worth of #BTC☀ today. Key levels on the 4-hour chart have been compromised, with attention now focused on reclaiming the Monday Low at $68,200 for potential upward #momentum . Failure to do so by the end of the current candle could potentially lead to a downturn towards the $65k range lows. The Monday Range this week stands between $68,200 and $70,700, marking critical zones for monitoring amidst the ongoing market volatility.
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TMC
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#Market_Update
$BTC is hovering around the $69.2k mark, its 2021 #AllTimeHigh. Although it's seen some 4-hour closes above this level, the weekend's low #Volume has led to rejection from the 4-hour supply, as depicted in the chart.
It's crucial to monitor this level closely, especially as we approach the weekly close. However, if weakness persists, there's a possibility of a retest towards the lower $68k range, particularly the DM VAH area.
#Bitcoin❗ has been on an intriguing journey lately, #bouncing around the $68k mark, which was previously a stronghold of support. Now, as it tries to breach the $69.2k barrier, formerly an #all-time high in 2021, it's facing some tough #resistance! It's like a game of tug-of-war between bulls and bears. If $BTC manages to reclaim $69.2k with significant volume, we might just see a rally towards Monday's peak above $71k. But for now, it's a waiting game, with bids placed strategically for potential dips.
There will be over $5.5b short liquidations once $BTC hits $73,8k. I continue to hold my BTC long position.
$BTC is hovering around the $69.2k mark, its 2021 #AllTimeHigh. Although it's seen some 4-hour closes above this level, the weekend's low #Volume has led to rejection from the 4-hour supply, as depicted in the chart.
It's crucial to monitor this level closely, especially as we approach the weekly close. However, if weakness persists, there's a possibility of a retest towards the lower $68k range, particularly the DM VAH area.
$BTC is hovering around the $69.2k mark, its 2021 #AllTimeHigh. Although it's seen some 4-hour closes above this level, the weekend's low #Volume has led to rejection from the 4-hour supply, as depicted in the chart.
It's crucial to monitor this level closely, especially as we approach the weekly close. However, if weakness persists, there's a possibility of a retest towards the lower $68k range, particularly the DM VAH area.
#Bitcoin❗ has been on an intriguing journey lately, #bouncing around the $68k mark, which was previously a stronghold of support. Now, as it tries to breach the $69.2k barrier, formerly an #all-time high in 2021, it's facing some tough #resistance! It's like a game of tug-of-war between bulls and bears. If $BTC manages to reclaim $69.2k with significant volume, we might just see a rally towards Monday's peak above $71k. But for now, it's a waiting game, with bids placed strategically for potential dips.
There will be over $5.5b short liquidations once $BTC hits $73,8k. I continue to hold my BTC long position.