- The weekly Bitcoin session closed far below $ 92k, which meant that the bias was bearish.
- The liquidation Heatmap emphasized an important bearish target that could mark the bottom of the downward trend.
Bitcoin [BTC] Was free fall on the price charts. The level of $ 92k, which was the low point of the reach that BTC had traded from the end of November to the end of February, was again tested as a resistance.
The bulls were rejected last weekend and the trend was in Bearish.
There was chains evidence For distribution among long -term holders since the level of $ 60k was broken. The intensity of this distribution has fallen, noted analyst Axel Adler.
Is that enough to prevent Bitcoin from falling to $ 70k?
Momentum and volume further disadvantage
Source: BTC/USDT on TradingView
The weekly session closed at $ 80.7K, just above the 50% retracement level at $ 79.3k. The big losses after the repeated tests of the $ 92k support from December to February emphazed Bullish Exhaustion.
In the south, the $ 72k region was the following target, because both the MACD and BVV sturdy Bearish emphasized.
There is a chance that BTC would bounce higher to collect liquidity around $ 87k. Any further profit seemed unlikely. If such a bouncer were to take place, it would probably be followed by a price fall to the $ 70k area.
The Fibonacci levels set based on the relocation from $ 49k to $ 109.6k (August to January) showed that the price was just above the 50% retro level. This was another sign that a price current was possible in the short term.
The 3 -month liquidation heating showed that the nearest magnetic zones were $ 100k and $ 72k. The southern liquidity cluster started at $ 76.8K, which is why the $ 72k $ 76k region was a candidate for a bullish reversal.
Until then, swing traders must retain a bearish prospect. The market -wide sentiment was strong bearish. Investors can wait for the BTC reaction to $ 72k to understand if their bias should shift bullishs.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
