{"id":25131,"date":"2023-06-07T19:55:37","date_gmt":"2023-06-07T23:55:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25131"},"modified":"2023-06-07T19:55:37","modified_gmt":"2023-06-07T23:55:37","slug":"bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/07\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\/","title":{"rendered":"Bitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term"},"content":{"rendered":"

Bitcoin keeps moving sideways in a tight range as regulatory pressure in the U.S. mounts with two lawsuits against major crypto exchanges. The number one crypto by market cap could yet see crab-like price action, but the bulls could catch a break in the short term, according to an analyst. <\/strong><\/p>\n

As of this writing, Bitcoin (BTC) trades at $26,500 with a 2% profit in the last 24 hours. In the previous week, BTC recorded a 2% loss. In contrast, other cryptocurrencies in the top 10 by market cap recorded similar price action except for Binance Coin (BNB), which recorded a 14% loss over the same period.<\/p>\n

Positive Outlook For Bitcoin Price?<\/h2>\n

According to analyst Ali Martinez, the price of Bitcoin could see further appreciation. Over the week, the cryptocurrency has retraced but stayed above critical resistance.<\/p>\n

Despite the unfavorable and uncertain macro conditions and regulatory environment, crypto market investors continue to battle to determine a clear direction. In this context, Martinez stated<\/a> the following for BTC\u2019s price using the TD Sequential Indicator, as seen in the chart below:<\/p>\n

The TD Sequential presents a buy signal on the hourly chart, which could see $BTC rebound to $27,000 \u2013 $27,300. Still, #BTC must avoid an hourly close below $26,360 because it could lead to a downswing to $25,800.<\/p>\n

Despite the forecast, uncertainty could be the most critical factor, rendering the buy sequence ineffective. A break above the $27,000 to $27,300 levels could hint at a positive outlook for BTC traders in the short term.<\/p>\n

Conversely, $26,000 and $26,300 are still critical support levels, as the 200-weekly moving average (WMA) sits around that area. Bulls must defend this average to prevent the price from declining further, possibly into the low $20,000.<\/p>\n

As a positive sidenote, the spike in volatility in the previous trading sessions contributed to a cleanse in Open Interest (OI). Per a separate analysis, over $800 million in OI was wiped out as BTC took liquidity in both directions.<\/p>\n

Often, when OI is taken out and overleveraged positions are closed, the market is less incumbent to trend in a single direction. A pseudonym analyst stated<\/a>:<\/p>\n

We\u2019ve seen quite the volatility over the past 48 hours. In total, we\u2019ve seen over $800M+ in Open Interest being wiped out during this time. High leverage has been flushed out towards both sides. Liquidity taken. Up to spot to take determine the direction from here.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin keeps moving sideways in a tight range as regulatory pressure in the U.S. mounts with two lawsuits against major crypto exchanges. The number one crypto by market cap could yet see crab-like price action, but the bulls could catch a break in the short term, according to an analyst. <\/strong><\/p>\n

As of this writing, Bitcoin (BTC) trades at $26,500 with a 2% profit in the last 24 hours. In the previous week, BTC recorded a 2% loss. In contrast, other cryptocurrencies in the top 10 by market cap recorded similar price action except for Binance Coin (BNB), which recorded a 14% loss over the same period.<\/p>\n

Positive Outlook For Bitcoin Price?<\/h2>\n

According to analyst Ali Martinez, the price of Bitcoin could see further appreciation. Over the week, the cryptocurrency has retraced but stayed above critical resistance.<\/p>\n

Despite the unfavorable and uncertain macro conditions and regulatory environment, crypto market investors continue to battle to determine a clear direction. In this context, Martinez stated<\/a> the following for BTC\u2019s price using the TD Sequential Indicator, as seen in the chart below:<\/p>\n

The TD Sequential presents a buy signal on the hourly chart, which could see $BTC rebound to $27,000 \u2013 $27,300. Still, #BTC must avoid an hourly close below $26,360 because it could lead to a downswing to $25,800.<\/p>\n

Despite the forecast, uncertainty could be the most critical factor, rendering the buy sequence ineffective. A break above the $27,000 to $27,300 levels could hint at a positive outlook for BTC traders in the short term.<\/p>\n

Conversely, $26,000 and $26,300 are still critical support levels, as the 200-weekly moving average (WMA) sits around that area. Bulls must defend this average to prevent the price from declining further, possibly into the low $20,000.<\/p>\n

As a positive sidenote, the spike in volatility in the previous trading sessions contributed to a cleanse in Open Interest (OI). Per a separate analysis, over $800 million in OI was wiped out as BTC took liquidity in both directions.<\/p>\n

Often, when OI is taken out and overleveraged positions are closed, the market is less incumbent to trend in a single direction. A pseudonym analyst stated<\/a>:<\/p>\n

We\u2019ve seen quite the volatility over the past 48 hours. In total, we\u2019ve seen over $800M+ in Open Interest being wiped out during this time. High leverage has been flushed out towards both sides. Liquidity taken. Up to spot to take determine the direction from here.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25131","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25131"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25131\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25131"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}