Having made an all-time high only in the last few weeks, the $BTC price is traversing sideways and gathering itself for that next massive surge into price discovery.
$BTC awaits bullish momentum
$BTC is currently sitting exactly on top of the very important $69,000 resistance. It’s important because this marks the high of the last bull market in 2021, and therefore it is a magnet for the price until such time as $BTC can find the momentum to break free.
ETF outflows
Tuesday was slightly down for the Spot Bitcoin ETFs. Following on from Monday’s $223 million net outflow, Tuesday was down just $19 million. Blackrock moves steadily towards the time when it will have more $BTC than Grayscale, which could happen in a couple of weeks or so, and then there should eventually be steady net inflows going into the future.
Source: Coingecko/Trading View
Market sentiment still bullish
The short term time frame of the 4 hourly shows this consolidation period for $BTC. The price has moved back inside the triangle after breaking out on Monday. This kind of a fakeout to the up or downside is fairly common and does not presage one direction or the other.
The price is currently holding the major support, although it could go down to test the bottom of the triangle again. There was also a dip below the trend line that began in early February, but this can easily be climbed above once more.
All in all, it seems that it is just a matter of time. Market sentiment is still very bullish, with the Fear and Greed Index at a value of 78, signifying ‘Extreme Greed’, and with the halving now only nine days off, things are coming to the boil nicely.
Bears could still pounce
That said, it is always good to be prepared for the worst case scenario, and even though things are looking bullish, there are still indicators that are signalling that $BTC is in oversold territory. Following the hanging man candle that printed at the end of last week, this week’s candle close could be very informative. A close above the hanging man candle would nullify a reversal, and give the bulls control again, but a close below would allow the bears to pounce, indicating that bitcoin is going lower, or at the very least, is going to traverse sideways for longer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
