BTC Updates

The current price of Bitcoin is $6720, with a 24 hour trading volume hovering around the 3.5 billion USD mark . Price action over the weekend looked good with $BTC rising about $200 to the $6700 region. Significantly , it has held above $6700 despite Monday’s historically not being good for crypto markets in this bear market. The positive, steady increase in volume since last week has been invalidated by the 24 hour trading volumes this morning.

Over weekends, going by past trends , trading volume was typically diminished but we would expect more volume to come back into the marketplace during the weekdays. Current levels have $BTC trading volume sitting 25% below where they ended last week. This seems to be a short-term bearish signal, as it shows that the buy side is discouraged by the inability to break $6850 or hold above the $6800 level.

Now would be a good time to utilize any sidelined fiat to buy your favorite alt coins along with $BTC if BTC closes above $6850 (close on a time frame 4hr or higher). The price got rejected by those levels again, as it has repeatedly over the course of the past three weeks. The bearish order block at those levels is showing strong short liquidity. We see a return to the $6200-$6300 range before another push back up to retest the bearish order block from $6800-$6850.

We should move to net short/heavily sidelined fiat positions if Bitcoin breaks support at $6000 but then watch to see how the price reacts to local bottom at $5750 and gauge how much bear pressure actually exists at that point in time.

Trading swings between those two price points may be a suitable option for the most diligent. But for those who are waiting for clear market direction, those two price levels, if taken, are major signals for the direction we believe the market will go.