Over the past few days, selling pressure has significantly impacted Bitcoin, which updated its local low to $ 32,250.
However, the price action was characterized by low volumes and thanks to the liquidity present in the 32 / 33K region, the main cryptocurrency was able to reverse the short-term inertia, bringing it close to $ 34,000.
Market capitalization at $ 1393 billion and BTC dominance index stable at around 45%.
bitcoin is still firmly within the $ 32500/36500 trading range
The main local levels of reaction are at the extremes of the indicated range, which has been "caged" the price for weeks now.
In the last few days we have seen a clear attempt to push the price towards a new declining low, but in the 32K region and especially on the key support at 29 / 30K there is a huge "liquidity pool", which has no problem absorbing the downside.
It is now clear how the technical picture alone, despite presenting a bearish scenario with the hilarious race of the usual keyboard analysts to identify bearish patterns ranging from the handle of the upturned cup to the head and shoulders, is not able on its own to affect in significantly on the price action.
In essence, without new FUD or "bad" news, technical failure of key supports is highly unlikely.
Regarding short trading, I expect Bitcoin in the $ 32000-35000 range over the weekend. But we have seen how the low volumes that characterize the weekend often trigger extra volatility leading to numerous false breakouts.
From the point of view of fundamentals, there are several news to report:
Apple co-founder Steve Wozniak said that Bitcoin is a mathematical miracle, which has countless advantages when compared to gold.
Chinese social network TikTok has banned ads to promote cryptocurrencies.
Finally, the Capital International investment fund acquired a large stake in Microstrategy, which thanks to CEO Michael Saylor has 100,000+ BTC on its balance sheet.
The direct and indirect exposures of large institutional investors continue unabated.
graphic from tredingview.com
Here are the levels for intraday trading of BTCUSDT and ETHUSDT:
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
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