Bitcoin price action has refused to break through the $70,000 level

lupafilotaxia (74)in Project HOPE • 29 days ago

Very despite the evident recovery of Bitcoin price action, for some Bitcoin analysts the leading cryptocurrency by market capitalization sees "several more weeks" before the price passes USD 70,000, in this sense Bitcoin may not have finished consolidating below new all-time highs.

According to information disclosed by William Suberg in relation to what was located by popular trader Daan Crypto Trades, "As the price remains around ~USD 69K, some liquidity is building up on both sides."

It was learned that, "Across the BTC order books, however, liquidity was increasing around the spot price, leading to lower volatility but increasing the odds of a liquidity incursion further down the road"

On the other hand, and in attention to statements explained by Rekt Capital "Since the end of Bitcoin's post-halving 'Danger Zone', Bitcoin soared to USD 71,500. However, ~USD 71,500 is where the High Range resistance of the Macro Re-Accumulation is located and is where Bitcoin turned down from".

What is certain is that, "The consolidation continues and history suggests that it will continue for several more weeks between USD 60,000 and USD 70,000", in this sense it will be important to follow up in the following weeks looking for short trades.