If you have been following my updates, hopefully you will not be surprised to see Bitcoin at $70k and below this morning. Yesterday I could sense people thought the bottom was in, and were starting to turn bullish around $76k, but as I mentioned it was just a Lower High.
I said we should be prepared for a move to $72k - $70k in the coming days and after relentless selling pressure here we are.
BTC is now testing the 2021 ATH and the Weekly EMA200 sits just below- two massive levels! If we do not get a reaction from here, and the week closes below this, then we are back inside a range where the lows are around $55k.
Another new low set for Bitcoin yesterday, with the price dipping just below $73k, however $74.5k (Monday Low) has been respected at all times on the 4hr close. Yesterday's price action created a Lower Low, and so far we have only made a Lower High, which maintains the possibility of a Lower Low next. A break of $79k is needed to give better confidence that a local bottom is in, and until that happens we have to be prepared for a potential move towards $72k - $70k in the coming days.
Bitcoin appears to be entering a consolidation phase which is considered normal after such an aggressive move over the weekend. The $78.7k area (Monthly Open) is clear 4hr resistance with no clean break of this level in multiple attempts. If we see acceptance above $78.7k then BTC could run quickly towards $81k.
I am also interested in the reaction if $76.9k (Weekly Open) is retested to see if this liquidity sweep starts a move higher or if it fails and we then see a move back under $75k.
Bitcoin set another low this morning, briefly dipping below $75k, after the weekly candle broke the weekly support of $78.5k. From here, there is a CME gap towards $84k so we cannot rule out a short squeeze to that area in the coming days. This is an important week ahead, as if $78.5k is reclaimed by the end of the weekly close then this move below could be considered deviation. However, any rejection from $78.5k on the reclaim attempt and we should look towards the 2021 ATH area around $69k. $BTC $ETH $BNB #BTC #CryptoDawar #StrategyBTCPurchase #USCryptoMarketStructureBill #BinanceBitcoinSAFUFund
If you read my Bitcoin update yesterday, when the price was $83k, you may not be surprised to see it trading below $80k now. We discussed how the 3-day chart losing $86k was likely to see a retest of $78k - $72k. Although we did not expect the fall to happen so fast, especially on a weekend, this has played out with a retest of $75k. $78.5k is a key area to watch at the weekly close tonight, as this is a weekly support level from March and April 2025. Weekly acceptance below $78.5k, which would then be the lowest close since November 2024, and $70k - $68k could be next.