Two things happened this week that changed how I'm thinking.
We're seeing a lot of ppl cutting losses before month-end, and Bitmine making its smallest purchase in a while. This tells me there's some real caution out there.
Right now $BTC is hovering at $59553.00. We've got two paths ahead, imo.
IF $BTC breaks below its daily low of $58900.01, THEN I think we'll see further downside pressure. The sentiment is weak, and institutional demand for perpetual futures remains pretty muted. Expect a retest of lower supports if that level gives way.
However, IF $BTC manages to find some footing and push back up to reclaim its daily high of $60780.57, THEN we could see a short-term relief rally. But even then, I'm not expecting a massive surge given the broader market conditions. $ETH is also struggling at $1571.64, tracking $BTC closely.
I'm leaning towards the first scenario being more likely. Investors are just not feeling super bullish heading into the second half of the year, and Strategy's authorization for future $BTC sales for liquidity adds another layer of potential sell pressure. Stay cautious out there.
#CryptoOutlook #BTCTrading #MarketAnalysis #BearishBias #BinanceSquare
We're seeing a lot of ppl cutting losses before month-end, and Bitmine making its smallest purchase in a while. This tells me there's some real caution out there.
Right now $BTC is hovering at $59553.00. We've got two paths ahead, imo.
IF $BTC breaks below its daily low of $58900.01, THEN I think we'll see further downside pressure. The sentiment is weak, and institutional demand for perpetual futures remains pretty muted. Expect a retest of lower supports if that level gives way.
However, IF $BTC manages to find some footing and push back up to reclaim its daily high of $60780.57, THEN we could see a short-term relief rally. But even then, I'm not expecting a massive surge given the broader market conditions. $ETH is also struggling at $1571.64, tracking $BTC closely.
I'm leaning towards the first scenario being more likely. Investors are just not feeling super bullish heading into the second half of the year, and Strategy's authorization for future $BTC sales for liquidity adds another layer of potential sell pressure. Stay cautious out there.
#CryptoOutlook #BTCTrading #MarketAnalysis #BearishBias #BinanceSquare