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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: Will the Bulls Regain Control After the Liquidity Pool Visit?
Jul 27, 2024 at 09:00 am
Bitcoin [BTC] roared back to life after visiting the liquidity pool at the $64k zone. The price slump reversed within a few hours, and the $69k liquidity zone was the next short-term target.
Bitcoin [BTC] visited the $64k liquidity pool and price dropped sharply. However, the slump was reversed within a few hours, and the $69k liquidity zone became the next short-term target.
In a recent post on X (formerly Twitter), IntoTheBlock noted that there was a strong net flow of BTC into exchanges. This could indicate a wave of selling and hint at a price reversal in the coming days.
Bearish market structure highlights trader bias
The 3-day price chart showed a session close below $56.5k on 5 July, forming a bearish structure break. The previous lower high at $72k remained unbeaten.
Based on an earlier analysis, the $69k liquidity pool was an area where a bearish reversal could occur soon.
The RSI on the 3-day chart was at 56 but did not show strong bullish momentum. It hinted that momentum might be shifting bullishly. However, the CMF was at +0.01 and did not reflect strong capital inflows.
Overall, the bias was bearish on the 3-day chart, but this could change if the $72k level was breached.
BTC speculators were eager to go long
In the past 24 hours, the price reversal from $64k was accompanied by a sharp rise in Open Interest. It indicated strong bullish sentiment in the short-term and a sign of conviction among speculators of more gains.
On the other hand, the spot CVD was unable to establish an uptrend. This indicated a lack of buying pressure despite the price bounce and reinforced the idea of a bearish reversal.
The 30-day MVRV was at 7.6%, showing short-term holders were at a modest profit. A continued increase in the MVRV signaled potential selling pressure in the form of profit-taking by the short-term holders.
The 90-day mean coin age (MCA) has not trended downward despite the price drop. It was a sign that holders were not willing to part with their BTC, which hinted at a continued bullish trend.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Putting all the clues together, it appeared likely that Bitcoin would see a reversal around the $69k zone. If the MCA begins to fall, it would reinforce this idea.
Instead, if the MCA and the spot CVD trend upward again, it would be a clue that BTC bulls were strong enough to drive prices past the $69k liquidity pool.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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