BITCOIN - The hunt for liquidity ahead of a drop to 65000

6 days ago

BTCUSDT.P is struggling to fulfill its role as a hedge asset. Consolidation continues amid a global bearish trend. The local market is seeking liquidity ahead of a decline.

The global structure is strongly bearish. Consolidation is forming ahead of an anticipated distribution phase. Locally, the price is forming a rebound from 66,200 within the trading range, aiming to hunt for liquidity before a decline. The market is currently not interested in the 66,200 support level; a local ascending cascade of lows is forming, and this structure could support an upward move toward zones of interest.
The liquidation on April 2 formed an imbalance zone, which Bitcoin may test before declining to 65K. Zones of interest: 67,535 – 67,884

Resistance levels: 67,500, 57,900, 68,600
Support levels: 66,200, 65,500

A short squeeze and consolidation below the key resistance zone could trigger a sell-off and a drop to 65K–64K

Best regards, R. Linda!

5 days ago

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