Are You Ready for Bitcoin’s Next Move?
Bitcoin’s price is currently consolidating below the $70K level, failing to continue its rally and make a higher all-time high. Yet, investors remain optimistic as no worrying signs are surfacing yet.
Technical Analysis 📈
The Daily Chart
On the daily chart, the price has been hovering around the $70K mark and is yet to show a prolonged movement to either side. Here are some key points to consider:
- The $68K resistance level is currently being tested
- Price has not been able to break it to the upside
- A bullish breakout could set a new all-time high towards $80K
- A rejection could lead to a decline toward $60K support zone
The 4-Hour Chart
Looking at the 4-hour chart, the market has created new short-term support around the $64K mark after rebounding from the level last week. Here’s what you need to know:
- $68K has held the price, preventing a run towards $70K
- Short-term fate hangs in the balance
- RSI around 50% level, indicating neutral momentum
On-Chain Analysis 📊
Binance BTC/USDT Liquidation Heatmap
There is no denying the deep influence of the perpetual futures market on Bitcoin’s price action. Here is what the On-Chain Analysis reveals:
- Short-term price moves are influenced by futures market
- Bitcoin reaches areas with yellow color, expect liquidation cascade
- $64K-$65K zone filled with massive liquidity
- A climb towards $70K could result in a surge towards new all-time high
Hot Take 🔥
Prepare for the next big move in the Bitcoin market based on technical and on-chain analysis data. Stay informed and make strategic decisions to maximize your potential gains.
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