Bitcoin liquidations won’t be enough to break $70K+ range high — Here’s why
Bitcoin bulls stampede toward $60,000 but is there enough energy to break above to 200-day moving average?
Over the past five days Bitcoin (BTC) price rebounded nicely from its recent low at $52,500 and technical charts suggest the momentum could extend to the $62,000 to $65,000 zone.
Similar to last week’s price action, on the higher timeframe, Bitcoin is still making weekly lower highs as each sell-off concretizes previous support levels into resistance. Futures liquidation-driven sell-offs continue to produce lower lows with relatively deep wicks, and while it’s unpleasant to hear, Bitcoin price remains in a structurally ordered downtrend.
On a week-to-week basis, the desired path for a market structure reversal would be to see weekly closes above the previous weekly candle and eventually weekly candle closes above $65,000. Doing so would at least give bulls a chance to overcome the range high and descending trendline at $66,000 and perhaps overcome what has been a six-month downtrend.
Bitcoin bulls stampede toward $60,000 but is there enough energy to break above to 200-day moving average?
Over the past five days Bitcoin (BTC) price rebounded nicely from its recent low at $52,500 and technical charts suggest the momentum could extend to the $62,000 to $65,000 zone. Similar to last week’s price action, on the higher timeframe, Bitcoin is still making weekly lower highs as each sell-off concretizes previous support levels into resistance. Futures liquidation-driven sell-offs continue to produce lower lows with relatively deep wicks, and while it’s unpleasant to hear, Bitcoin price remains in a structurally ordered downtrend. On a week-to-week basis, the desired path for a market structure reversal would be to see weekly closes above the previous weekly candle and eventually weekly candle closes above $65,000. Doing so would at least give bulls a chance to overcome the range high and descending trendline at $66,000 and perhaps overcome what has been a six-month downtrend. Read more