bullish

Bitcoin

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Though the price of <a href="https://x.com/52kskew/status/1830792919982407943/photo/3" rel="noopener noreferrer nofollow">Bitcoin</a> has been rising recently, a deeper look indicates that the market might not be prepared for a big breakout as the majority of investors are taking profits. Although <a href="https://u.today/bitcoin-btc-on-verge-of-60000-breakthrough-data" rel="noopener noreferrer nofollow">Bitcoin</a> has displayed some bullish trends, the data suggests that a significant rally may not be coming anytime soon.&nbsp;
First, the flow of the <a href="https://u.today/bitcoin-btc-on-verge-of-60000-breakthrough-data" rel="noopener noreferrer nofollow">market</a> indicates a tendency wherein it is more common to view the current price action as a chance to take profits or to sell long positions than it is to initiate new ones. The actions of traders who are closing long positions and spot traders who are taking profits at these points make this clear.&nbsp; <img alt="BTCUSD" data-entity-type="file" data-entity-uuid="c6db0359-ead3-4481-b692-c249919ed7a0" src="https://u.today/sites/default/files/inline-images/image_1165.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USDT Chart by TradingView</a>
The market might not be prepared for an explosive move higher just yet, as such flow patterns usually take time to develop into a more structurally bullish trend. Furthermore, an understanding of the current market position requires an understanding of the liquidity dynamics around $60,000 and $61,000.&nbsp;
It appears that sellers are hesitant to drive the price higher in the absence of strong buyer support because the ask liquidity at $60,000 was pulled just prior to a taker-driven pump. Further more, there is a substantial supply beginning at $61,000, which establishes a contextual barrier that the market may find difficult to overcome in the absence of stronger purchasing <a href="https://u.today/bitcoin-to-go-up-a-lot-soon-heres-why-samson-mow-believes" rel="noopener noreferrer nofollow">interest</a>.&nbsp;
The positioning on the futures market is another important consideration. The perpetual futures data indicates that poorly positioned shorts may have been squeezed out even though the trend is still spot-driven, which is generally positive for the <a href="https://u.today/ripple-ceo-teases-major-improvements-for-xrp-ledger" rel="noopener noreferrer nofollow">market</a>.&nbsp;
But aggressive long positions, which usually signal strong confidence in a sustained upward move, are not being established. It appears that there is buying but not enough to drive the price much higher at this time, based on the decline in open interest (OI) and the rising CVDs and delta. Finally, it is concerning that there have not been any limit bids since the $57,000 lows. A high-time-frame (HTF) rally would require additional support in the form of rising limit bids to give the price a more solid foundation upon which to rise.

Bitcoin (BTC) Won't Skyrocket Here, and This Is Why

U_Today

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