BITCOIN → Why didn't we go above 70K? The reason for the drop...

has been in consolidation for 5 months. The price makes another retest of the 70K resistance, but due to several reasons failed to pass this area. A correction inside the FLAG is forming

From 70K resistance another correction to 64K has started. The reason for this is strong bullish sentiment after the US allowed bitcoin as a reserve asset. There is also a lot of attention to BTC because of the presidential race. Accordingly, the Market Maker eliminates the positive crowd (the price always goes against the crowd). And whales start buying the asset at cheaper prices.
On Friday, the NFP report and unemployment (up 4.0% to 4.3%) influenced the price drop. Rising unemployment + rising inflation had a negative impact on the markets. It is too early to buy, we should wait for the slowdown of the movement and stronger data.

Resistance levels: MA-50, 63250, 68570
Support levels: MA-200, 59300, 56500

Technically, the price is testing MA-200 and is squeezed above MA-50. If MA-200 fails to hold the price, bitcoin may go down to the lower boundary of the FLAG before a buyer can take over the situation. BUT, if the bulls hold MA-200 as support and manage to consolidate above 63300, a rise may be waiting. Overall, the fundamental background is very positive, but local economic data has a negative impact on the markets.

Rate, share your opinion and questions, let's discuss what's going on with ★ BTCUSD ;)

Regards R. Linda!

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A primary reaction to a false breakdown of MA-200 (rebound) is being formed
Watching the zone 62000 - 63500

Note

Testing 60k

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Bitcoin is not ready to go up yet
Price closes below 59.300, indicating it is ready to go lower

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False breakout after the opening of the U.S. session

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False breakdown of flag support.
Global trend is bullish
local trend - neutral
Price opens above the key support level 53550
The focus is on the acutal range 53500 - 56500.
If buyers can consolidate above the resistance, the market could go upwards

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+20% since the false breakdown!

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The price is back in the 59600 to 56600 range.
A small correction is forming

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The price is in consolidation between 57700 - 59600.
If the price consolidates above the resistance, we should expect growth to 62350

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The key milestone for BTC is 59K to 60K
If the price is able to consolidate above this area, the market may move from consolidation to growth phase

RLinda

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