Institutional supply zone 57k likely to be tested
There remains 1 key level that BTC has not tested yet. That is the 56k-58k supply zone.
This is a key area where institutional investors will want to take profits.
If you check Binance futures long/short ratio statistics, the majority (herd) are short BTC - which means there still is more fuel for a short squeeze to the upside to 57k.
Also, the EXOCHART footprint charts show an interesting picture - retail traders on ByBit and Binance are still heavily shorting BTC, which is more evidence that the price will go upwards, not down.
This is a key area where institutional investors will want to take profits.
If you check Binance futures long/short ratio statistics, the majority (herd) are short BTC - which means there still is more fuel for a short squeeze to the upside to 57k.
Also, the EXOCHART footprint charts show an interesting picture - retail traders on ByBit and Binance are still heavily shorting BTC, which is more evidence that the price will go upwards, not down.