Bitcoin (BTC) Price Analysis: BTC Turns Bearish, Expert Urges Caution – Here’s His Outlook

Bitcoin closed below its range lately, indicating a short-term bearish trend, according to an analysis by crypto expert Master.

Crypto expert Master provides an up-to-date analysis of Bitcoin price movements, highlighting key levels and strategies for traders.

Bitcoin price movements have been forming a series of lower lows and lower highs, indicating a mid-term downtrend. A long wick on June 12, driven by bullish news related to Ethereum, suggests a continuation of the bearish trend.

This move aims to collect liquidity for further downside, though it is not as significant as a high time frame (HTF) confirmed break of market structure (BOMS). Master advises waiting for candle bodies to close above previous swing highs to consider a bullish mid-term trend.

Master suggests considering every pump as a potential shorting opportunity, provided key levels are well-defined. The analysis identifies $66,555 as the nearest mid-term high (MTF SH) and $64,060 as the nearest mid-term low (MTF SL). Traders can look for opportunities on pullbacks and retracements around these levels.

The analysis also highlights potential bullish reversals at significant levels, such as if Bitcoin reaches $70,000. This level is often associated with distribution by whales, who sell in portions before pushing the market down to desired buying levels.

These levels, rich in liquidity, are crucial for powerful reversals. HTFs are more reliable in this context, as they represent greater liquidity and reversal pressure.

In conclusion, Master's analysis provides valuable insights for traders navigating the dynamic cryptocurrency markets, emphasizing the importance of adapting to market changes and considering multiple moves ahead in their strategies.