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- Bitcoin has an HTF bullish outlook, however the existing retracement might go deeper.
- The ETF inflows momentarily buoyed bullish spirits.
Bitcoin [BTC] turned bearish on the lower timeframe cost charts after racing to $65.5 k at the start of the week on Monday, the 6th of May.
The $63.3 k assistance level caved to the selling pressure and was turned to resistance on the 7th of May.
Reports of a decrease in the build-up of BTC might see more devaluation due to an absence of need. The outlook stayed bearish for Bitcoin regardless of appealing inflows on Monday.
The $62.1 k level fails as the sag collects strength
Source: BTC/USDT on TradingView
The variety that BTC was formerly trading within had its lows at $59.7 k. The cost action on the 1st of May saw this level breached, and the $65k area retested as resistance.
This implied that the marketplace structure was bearish.
The RSI on the everyday timeframe likewise fell listed below neutral 50 to suggest bearish momentum. Alternatively, the OBV jumped above a regional resistance level and continued to safeguard it at press time.
It was most likely that Bitcoin would drop towards the $55k low or more downward in the coming weeks.
In the previous 2 months, offering pressure has actually been extreme, and the liquidity to the south might bring in costs lower.
Why Bitcoin can not bullishly reverse quickly
The technical outlook highlighted a bearish predisposition. After a strong pattern, rates require time to combine.
By breaking listed below the variety low at $59.7 k, BTC hinted that the debt consolidation stage was not yet upon us which the drop continued.
Check out Bitcoin's [BTC] Cost Prediction 2024-25
The liquidity pockets at $56k and $51.5 k are the next magnetic zones for Bitcoin. To the north, the $68.5 k-$70k area was an intriguing location for a bearish turnaround.
Provided the technical elements, a relocation southward appeared most likely.
Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of guidance and is exclusively the author's viewpoint.
