#BTC Market Analysis 📉📈
Bitcoin continues to trigger stop losses on both sides – how's everyone holding up?
- I warned about the heightened volatility during the first and last days of the month, where many trades get stopped out due to manipulative moves. As this "storm" nears its end, we are likely heading towards a period of calm seas⏳
🟡 The squeeze around $59,000 saw 50% of a major daily imbalance covered, with longs liquidated by another $600 million. The entire volume was swiftly absorbed by a manipulator, forming a textbook order block. On the 4-hour timeframe, a long wick between $61,500 & $59,000 now acts as a crucial support zone for future corrections. After accumulation, the chance of a repeat of the recent "bull trap" with an impulsive low update is significant. Similarly, the liquidity wipe at $69,000 quickly returned, and I expect a reaction from this zone within the week. However, the volume of liquidated shorts is too low for a confident bounce without a significant shift.
✍️ In the coming week, I anticipate sideways movement within the $59,000-$69,000 range – allowing for the formation of new liquidity pools and a capital shift towards Ethereum & lagging altcoins. On March 14, US CPI data will be released, likely triggering liquidity removal on both sides of this range just before the news hits.
