Yesterday Bitcoin got off to a hot start to the week with some strong upside. However, this upside turned into a pump and dump, and Bitcoin is trending back down to the yellow trendline. I’m still seeing a lot of bearish sentiment on Twitter with traders still shorting Bitcoin. I think these bearish traders are still anticipating a move below $60k to form a bottom. If this bearish scenario were to play out Bitcoin needs to lose support at $62.8k and the yellow trendline around $62.4k. I’m still bullish for now, but the daily candle is looking pretty bearish so far. Bulls need to keep the price above $62.4k, and preferably push the price up by the daily candle close.
Strong buy volume for Bitcoin here.
Bears continue to provide some sell pressure around $64k. Today’s daily candle close will be important. For now bears are driving the price down here and there is the risk of a bearish daily candle close.
Bears have driven the price down for Bitcoin. There’s still about 5 hours left before the daily candle close. For now the price action looks bearish, there could be a dip as we approach CPI and PPI inflation data this week.
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