Bitcoin’s $66K Return Uncertain Amid Potential Downward Move

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The Bottom Line

Speculation about the next big leap for Bitcoin (BTC) is unending. While many were hoping for a return to the $66K mark, a new analysis suggests we may need to adjust our expectations. Recent liquidation levels indicate that a downward move might be more likely. But what does this mean for the short and medium-term future of Bitcoin?

The Momentum Behind the $66K

A look at the liquidation levels reveals that long positions far outweigh short positions, which usually indicates an impending price decline. In particular, the level around $66.8K seems to be a critical resistance zone to watch. Crypto analyst CrypNuevo pointed out that the liquidation levels around $66K could play a key role. This level is just below the midpoint of the current price range between $73K and $60.7K.

Technical Indicators and Price Development

In addition to the liquidation levels, technical indicators provide further insights into the possible price development of Bitcoin. A deviation below the lower boundary of the price range could suggest that a rise to the opposite extreme of the range is imminent. This was observed on April 17th, when the price fell to $59.8K before reversing. The RSI (Relative Strength Index) on the 4-hour chart indicates a bullish momentum, although the OBV (On-Balance Volume) suggests that the buying volume has not significantly increased in the last week.

What Does This Mean for Bitcoin Investors?

For investors, this could mean that Bitcoin may consolidate within the current range in the coming weeks and gather strength for a breakout after the selling pressure associated with the halving has subsided. The liquidity pockets at $73.2K and $56K mark the higher timeframe levels of interest.

Our Assessment

While many eyes were on the magical $66K mark, the current analysis suggests that we may need to recalibrate our expectations. The overload of long positions and the critical liquidation levels around $66.8K suggest a possible downward move. Investors should closely monitor these developments and adjust their strategies accordingly. As always, it is important to follow a diversified and well-thought-out investment strategy to be successful in the long term.

Sources

– AMBCrypto
– CrypNuevo on X (formerly Twitter)
– Hyblock
– TradingView

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