Bitcoin $BTC 💶 4h Time Frame
The price saw a sharp sell-off following the breakdown 📉 of talks between Iran and the US on Sunday. The price is currently hovering near the lower boundary of the key resistance zone 💪 of $70,800–$74,800.
At the moment, there is some volatility, as evidenced by the presence of various GEPs on the CME exchange: $67,165, $69,535 and $73,470.
It’s hard to say 🧐 which of these scenarios the market makers will play out, because both have already occurred in the second half of March, and I consider them equally likely:
1️⃣ Liquidity was withdrawn from Sunday’s low of $70,458, followed by the unwinding of quick short positions towards $72,300–$72,500 and the start of an aggressive sell-off.
2️⃣ The correction is set to continue towards $69,000, with the price subsequently breaking above the upper boundary of the $74,800 resistance zone.
The market may remain irrational for a long time, as long as economic problems continue to mount.
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