bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] fell close to 3% after reaching a high of $69.4k, with potential scenarios indicating a possible dip or rise.</li> 
 <li>Bitcoin Dominance and Tether Dominance charts provide clues for the upcoming price movements.</li> 
</ul>  
<p>Bitcoin, after climbing to a local high at $69.4k, experienced a drop of nearly 3%.</p> 
<p>The Bitcoin dominance and liquidity charts are currently providing insights into the potential future price movements.</p> 
<h2 id="bitcoin-s-performance">Bitcoin’s Performance</h2> 
<p>Bitcoin [BTC] managed to hit the resistance zone of $69k. Earlier reports suggested that the liquidity pool at this level could potentially attract prices before a possible bearish reversal.</p> 
<p>In the last 24 hours, Bitcoin reached $69.4k before falling 2.7% to trade at $67.5k. The metrics earlier this week were bearish in the short term. The trading session on Monday could potentially set the trend for the following week.</p> 
<h2 id="potential-scenarios">Potential Scenarios</h2> 
<p>AMBCrypto’s analysis of the 7-day look-back period on the liquidation heatmap revealed a cluster of liquidation levels around the $70k and $66.4k levels.</p> 
<p>The recent price reversal from the $69k zone has contributed to the liquidity pool around $70k. This makes it a potential price target for Bitcoin on Monday. A move to the $70k area could potentially create hope among bulls before a reversal.</p> 
<p>This price bounce could be followed by a dip to the $66.4k level. A move beyond either level could indicate whether the week would be bullish or bearish.</p> 
<h2 id="dominance-chart-insights">Dominance Chart Insights</h2> 
<p>The Bitcoin Dominance chart indicated a breakout above the range highs, implying Bitcoin’s superior performance compared to major altcoins. In the event of a market-wide slump, altcoins could be hit harder.</p> 
<p>This information could guide traders on what assets to trade based on Monday’s directional clues.</p> 
<p>The Tether Dominance chart, which is inversely related to crypto market price movements, could suggest a downward move this week. Traders could keep an eye on Monday’s performance to structure their directional bias.</p> 
<p>Over the past month, the movement of USDT.D on Mondays has generally set the tone for the upcoming week.</p>

Critical Trends and Levels to Monitor in Bitcoin’s Dive from $69.4K Peak

Table of Contents

CoinEagle.com

Andre artikler udgivet 29. jul. 2024

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