BitcoinShort
Potential for a deeper retracement on BTCUSD
Technical Perspective:
BTCUSD broke out of the ascending channel and closed below the 20 EMA.
If BTCUSD extends its decline below 95000, the price could weaken to the support at 85000.
Conversely, if BTCUSD returns within the channel, a potential retest of the 98000 resistance may occur.
Fundamental Perspective:
The bitcoin Net Realized Profit soared to a record high, reflecting profit-taking during the price rally. However, selling pressure could ease as the bitcoin Supply in Profit dipped below 95%. Over the past two days, ETF outflows of over 500 mln USD could also weigh on bitcoin in the near term.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
BTCUSD broke out of the ascending channel and closed below the 20 EMA.
If BTCUSD extends its decline below 95000, the price could weaken to the support at 85000.
Conversely, if BTCUSD returns within the channel, a potential retest of the 98000 resistance may occur.
Fundamental Perspective:
The bitcoin Net Realized Profit soared to a record high, reflecting profit-taking during the price rally. However, selling pressure could ease as the bitcoin Supply in Profit dipped below 95%. Over the past two days, ETF outflows of over 500 mln USD could also weigh on bitcoin in the near term.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
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