BTC - 6h. Will sellers be able to keep the price in the 59k?
Updated
Hello colleagues. The week of trading on the BTC market closed oddly well. Although the crypto market was a bit stormy over the weekend, buyers were able to rehabilitate themselves on Sunday. Ultimately, the weekly candle closed at $58202, if we look at the weekly timeframe, we see that the sellers' attempt to start a correction from mid-March failed and last week the buyers started a counterattack:
Now the global situation on the BTCUSD market looks like continued growth, and the price squeezing to a historical high - in order to break it.
At the moment, buyers again stopped at the local liquidity zone, from which a wave of decline to $50,400 began on March 20. since March 30, buyers have been unable to gain a foothold above the range of $59200-59550 . However, the buyers are not planning to give up the initiative. It is noticeable how confidently they hold the $ 56,570 mark:
The dominance of BTCUSDT has decreased and now stands at 57%. The last time such a percentage of dominance was back in August 2020:
This fact allows other coins to move independently and grow actively. Decreasing dominance in the bitcoin market can postpone the growth wave for a certain time. Therefore, we focus more on other coins.
Looking at the hourly timeframe, the continuation of the consolidation in the range of $56570-59550 is quite high. Therefore, retesting $56,570 will be within the normal range. But the breakout of this mark and the test of the range of $54200-54800 can become a very tense situation for buyers. Therefore, we are following the current consolidation and expect breaking through the critical points.
______________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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Now the global situation on the BTCUSD market looks like continued growth, and the price squeezing to a historical high - in order to break it.
At the moment, buyers again stopped at the local liquidity zone, from which a wave of decline to $50,400 began on March 20. since March 30, buyers have been unable to gain a foothold above the range of $59200-59550 . However, the buyers are not planning to give up the initiative. It is noticeable how confidently they hold the $ 56,570 mark:
The dominance of BTCUSDT has decreased and now stands at 57%. The last time such a percentage of dominance was back in August 2020:
This fact allows other coins to move independently and grow actively. Decreasing dominance in the bitcoin market can postpone the growth wave for a certain time. Therefore, we focus more on other coins.
Looking at the hourly timeframe, the continuation of the consolidation in the range of $56570-59550 is quite high. Therefore, retesting $56,570 will be within the normal range. But the breakout of this mark and the test of the range of $54200-54800 can become a very tense situation for buyers. Therefore, we are following the current consolidation and expect breaking through the critical points.
______________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
Note
We are waiting for the range of $54200-54500. So far, buyers have not been able to maintain the local mark of $56,500. So now the buyers' initiative is in question. We will closely monitor the range of $54200-54500Note
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