key takeaways:
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Traders hope that the bitcoin price pullback up to $ 90,000, but a bull flag may break at a new height if the profit near the range high decreases.
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On-chain data suggests that taking the current advantage is very weak to extinguish the speed of the current price of bitcoin.
Bitcoin (BTC) Price has pinned the bulk of the week below $ 104,000 to $ 105,000, which is labeled by many analysts as a resistance area, but an alternative view suggests that BTC is alternatively consolidated within a bull flag.
A bull flag is a continuity pattern that is characterized by a period of value action in the side after a sharp uptrend, and when the structure is confirmed or broken by trendline resistance, the uptrend continues.
While the range-bound trading portion of the flag is asked to represent incarnation from buyers and vendors, in this scenario, the absence of purchase volume is the primary criminal. As shown in Trdr.io The bottom chart, the explosive step of bitcoin was with large liquidation in margin markets and strong spot volumes from $ 105,900 to $ 74,400, which was lined with several days billion-dollars-spot BTC ETF inflow.
During this three-week period, many US-based and international companies also announced a plan to buy bitcoins and Install BTC TreasureSpot and futures are the cumulative volume delta, open interest metrics on the chart as well as the traders sold near the Range High and the absence of new long leverage and quite size spot positions in the region is being opened, while in the range, the ranges see the limited use of the margin for the Hajir Long.
The recent cool-down phase of bitcoins is a common result after 40% recovery starting on April 8, and the current range high is also expected to lose the upper speed arising from taking advantage in futures markets near the current range high.
The bitcoin short-term holder supports the supply advantage and the loss data from Glasnode support this view, as shown in the chart below. Onchain data company highlighted the advantage of short -term traders, but explained that it is no more than statistical criteria, leaving space for further price.
“Recently, the termination of the realization of STH has increased to an +3 standard deviation above its 90-day average, which reflects a notable increase in the attainment of profit. In the previous cycles, especially during rallies towards Ath, this metric has historically climbed the +5 standard deviation of higher.
Connected: Bitfinex bitcoin lays a total of $ 6.8b while shorts stand at $ 25m – time for BTC for rally?
Bitcoin should be tested before transferring higher support
With a bulk of obvious sales-side liquidity of bitcoins during a step of $ 105,000, some analysts warned that a brief flush may be the next step to the BTC value as a flush to test the bottom to the bottom.
Bitcoin market liquidity resource material indicator Said“Except for a serious catalyst,” (тАж), BTC has a legal support test at $ 100K, and firecrackers suggest that the order book is priming for it, in which stacking and bids are asked along with reducing bids. ,
Sharing his idea with X followers, analyst donation Crypto Trade Said The wholesale of bite and recession stories with the ability to affect the price action of bitcoin has “cleaned” and said that the BTC price has come to a standstill with its all-time high, while the shares continued the rally after confirming the President Trump’s US-China trade deal.
The analyst stated that “my long -term line remains in the sand for $ 90K spot exposure,” saying that it is “carefully rapid” Price above $ 90,000 But it depends on how American equity markets perform in short term.
“If the stock had to roll and reduce it much more, I would not be surprised to see a short -term flush. By increasing most shares by 30% to 50% in a month, it will not be crazy.”
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
