- Bitcoin is currently trading near $70.3K.
- $249M in BTC liquidations hit the market.
Bitcoin is currently trading in a key consolidation zone, referred to as a no-trade zone, between $65,636 and $70,685. This range has seen heavy activity, with over 1.72 million BTC exchanged. It makes it a strong area of both support and resistance. Also, the buyers and sellers are creating uncertainty in the market.
Until the asset breaks above $70,685 or drops below $65,636, a clear trend is unlikely to form. Moreover, a breakout could trigger bullish momentum, while a breakdown might lead to further downside. Currently, the market remains in a waiting phase.
The dominant asset, Bitcoin, has been trading at its narrow bridge over the last few weeks. It has failed to escape the bearish zone and fallen below $70K. At press time, BTC is trading within the $70,335 zone, with the daily trading volume having surged by over 56.41% to $43.34 billion. Also, it has seen a 24-hour liquidation of $249.04 million.
If Bitcoin’s bearish grip strengthens, the red candles may light up, with the price falling to a crucial support range at $69.9K. Assuming the sellers continue to stay in the asset’s market, additional pressure on the downside is applied, triggering the death cross to emerge.
Upon the current market trend of BTC taking a bullish turn, the price could rise to find the key resistance at the $70.7K level. With the upside pressure gaining more traction, the potential bulls might initiate the formation of the golden cross and gradually climb higher.
Bitcoin Momentum Weakens: Are Further Losses Ahead?
Bitcoin’s Moving Average Convergence Divergence (MACD) line and signal line are below the zero line, with the market under bearish pressure. The price has been trending lower, with sellers in control and upward moves struggling to hold. This supports continued downside unless momentum starts to shift.
In addition, the Chaikin Money Flow (CMF) indicator at 0.03 shows slight buying pressure in the BTC market. More money is flowing in, but it is not strong. Buyers have a small edge, yet the market is indecisive. This points to sideways movement with a mild upward bias, unless buying strength increases.
The daily Relative Strength Index (RSI) resting at 60.51 indicates the Bitcoin sentiment is leaning bullish. The buyers have a clear edge, and the price has been moving up with steady momentum. There is still enough room for the move to continue, unless it starts pushing closer to 70.
BTC’s Bull Bear Power (BBP) value at 2,528.10 suggests very strong bullish dominance, pushing the price above its average level. This reflects strong upward momentum. The market is surging with strength, though such high readings can likely lead to short pullbacks.
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