During overnight trading hours Bitcoin was rejected at the yellow trendline, and continues to experience some neutral and slightly bearish price action. I think Bitcoin is trying to form a bullish rebound around $61.7k, and Bitcoin would need to break above the yellow trendline around $62.5k to flip bullish. For now the price action is pretty neutral with a lot of back and forth around the yellow trendline.
Bitcoin has dropped to another support level at the white trendline around $61.7k. There is a rebound forming, and I think Bitcoin is likely to retest the yellow trendline over the next day. There are some bullish catalysts that could help the crypto market rally soon. I think we see some bullish CPI and PPI inflation data tomorrow and Friday. I also think China’s upcoming stimulus press conference could reignite some bullish sentiment.
Bitcoin has quickly lost support at $61.7k. Bears are in control for now, I would wait for a bullish rebound. The next key support level is around $60.3k, but I think there is a good chance Bitcoin rebounds before reaching $60.3k.
Very bearish day for Bitcoin, the price is back down to the $60.3k support level. I’m waiting to see if we get a bullish rebound here.
Bitcoin has formed a bearish daily candle close, and is now trading near the $60.3k support level. There is support here so far, and I think Bitcoin is likely to rebound. Some traders are still bearish with the idea that Bitcoin could drop down to $57k for a buy opportunity. I would keep that scenario in mind, but for now there is support at $60.3k. Tomorrow we are likely to receive bullish CPI inflation data that could help Bitcoin start a rally.
Recently the Supreme Court determined that the U.S. government can auction off $4.4 billion worth of BTC seized through the Silk Road. However, Arkham data shows that the Bitcoin is not on the move, and I think that the selling would take place at a later date. I’m not sure why Bitcoin has been so bearish lately, but there is a clear divergence with the S&P rallying to new all time highs and Bitcoin continuing to underperform.
Taking forever but the patience will pay off.
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