$BTC
✨ Over the last day, Bitcoin has dropped by over -4%. One of the main reasons behind this decline has been a significant outflow of capital from U.S. spot Bitcoin ETFs-over $2.26 billion withdrawn in the last two weeks, marking the largest weekly outflow since January. Additionally, rising yields on U.S. treasuries and global bonds have pushed capital toward lower-risk assets like oil(USDBRO), reducing demand for riskier assets like Bitcoin.
Currently, Bitcoin has entered a heavy support zone($76,000-$72,760) and is moving near a Cumulative Short Liquidation Leverage($76,200-$75,400).
From Elliott Wave Theory, it seems Bitcoin is completing microwave 4 of the main wave 5, meaning another small drop might still be ahead.
Also, with Middle East tensions in the background, any developments in that region -like renewed military conflict between Iran and the U.S.-could shift market direction. Keep an eye on geopolitical news and manage your capital accordingly.
I expect that Bitcoin might attempt a rise after entering the Potential Reversal Zone(PRZ) [$73,920-$73,300] and Cumulative Long Liquidation Leverage($73,980-$73,170) near the lower line of the descending channel. However, for now, it seems we should still anticipate further declines due to the current positioning.
Cumulative Short Liquidation Leverage:
$77,660-$76,990
CME gap: $84,560-$83,215
CME gap: $79,165-$78,945
What's your view on Bitcoin? Can it break the heavy support zone($76,000-$72,760) or not?
Please respect each other's opinions and express agreement or disagreement politely.
Bitcoin Analysis (BTCUSDT), 4-hour time frame.
Always set a Stop Loss(SL) for every position you open.
This is just my idea; I'd love to see your thoughts too! 🗯️
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