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Bitcoin price broke from its bullish streak late last week and failed to break through significant resistance. What's next for Bitcoin after Friday's dump and a mediocre weekend?
Another rejection – will Bitcoin continue to fall?
Bitcoin is having a hard time breaking out of the bullish flag and the downward price movement continues. On a daily basis, this was the fourth time Bitcoin attempted to break out of its downward trend line and the fourth time the price was rejected.
The questions are: “The March high was $73,800, has BTC price continued to decline and weaken since then?”
The answer, as always, is that no one knows what Bitcoin will do in the long term. But you must remember this. Until proven otherwise, we are still in a bull market and most of the time the bull flag is raised.
Large ETF inflow VS large hedge fund sell-off
Spot Bitcoin ETF is pulling massive amounts of BTC from the market. Last week's total was $1.83 billion. At the same time, hedge funds are selling heavily on the BTC price. This tug-of-war between bulls and bears will have to end soon, one way or another.
Possibility of a short-term rebound
Source: TradingView
On a very short time scale, the price can be seen holding a very important support level at $69,000. The important thing is that the highs were higher on Friday and now the lows may be higher. A rebound from here seems likely, at least in the short term.
A big move for $BTC is coming soon.
Source: TradingView
In the higher part of the day, things still look good. The upward trend since May 1st can be broken, but all such trends break at some point anyway. Most importantly, support remains at $69,000 and volume continues to decline.
There will be a big movement in one direction or the other, and it's coming soon. Will the market surprise everyone and pull $BTC down to the $60,000 region one last time, or will the price finally break through the top of the uptrend, break through resistance and hit a new all-time high?
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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