Bitcoin juggling between key levels - what's next for the BTC Price if it drops below $102,000
The price of Bitcoin recorded the highest weekly close in history, above $107,000, paving the way for a new ATH. Meanwhile, the bears have increased their efforts, dragging levels below the previous day's range, raising significant concerns about the upcoming fundamental action. On the other hand, BTC's liquidity range has entered a critical phase where the strong battle between bulls and bears can be seen as a means to gain the upper hand in the coming days. Since BTC price triggered a rebound from its local lows, it appears that whales and bulls are becoming more optimistic. As a result, more long traders have been positioned with massive leverage. This has made retail traders bullish on Bitcoin, providing a strong boost to the BTC Price Rally, which was pointing towards new highs. Alarmingly, these whales have begun to take profits, which seems to be a major reason behind the current drop. As suggested by the data above, a whale with a liquid long trade of 40x on Bitcoin started to realize profits after achieving $10 million in 24 hours. Interestingly, the whale still holds a massive position worth $337 million on BTC, indicating serious conviction. Now the question arises whether the Bitcoin Bull Run has more room or if it is time to exit. The daily chart for Bitcoin still remains under bullish influence, despite the bearish intervention. The price only faced rejection before entering the final resistance area below ATH, indicating a final correction before marking new highs. The volume on the balance has been collapsing, indicating a drop in buying activity with an increase in selling. However, the MA levels maintain some hope that BTC price could head towards a golden cross. The 50/200 day MA is trending towards a bullish crossover, which usually leads to a massive surge. Therefore, the upcoming monthly close could have a significant impact on the next rally, as successfully completing the golden cross could push BTC price above $110,000. In case of failure, the Star cryptocurrency may begin a strong pullback, extending the correction phase.
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