🚨 DILEMMA OF BITCOIN’S NEXT MOVE ANALYSIS: $70K BREAKOUT OR BULL TRAP?
📊 BTC is tightly coiling within the range of $65K – $69K, which might set the stage for a critical breakout supporting either bullish or bear sentiment for Q3.
Here’s analysis and breakdown of what is going on:
✅ Whale Wallets Accumulating: These are long-term holders as they are addresses that have over 1K+ BTC.
✅ ETF Flows Cooling but not reversed therefore Spot BTC ETF inflows still remain net positive and maintained. This indicates consolidation not outright rejection.
✅ Macro Pressure Lightening: Softening US CPI + whispering rate cuts equals potential macro tailwinds for risk asset class like BTC.
⚠️ But headwinds also exist:
🔻 Leverage longs are rising again leading to funding rates turning positive once more.
🔻 Loses during RSI correction phases over prolonged periods due to elevated resting active timeframes results in heightened overall risk for downward corrections.
🔻 Increased selling by miners following halving event leads to creeping supply against resitance levels post upside price action leading up to the range of recession-bound $76-78k region.
🎯 MY TAKE:
Bolstered upwards momentum breaking past 70k level could see swift jump towards 76-78k along recount leveraging counteracted accelerating ETF growth.
As such, should Bitcoin be rejected once more from trying to retest the zone, it would likely accelerate towards flushing late long positions at around $62k before any slight move upwards becomes reality.
This isn’t the moment where you go all-out buy, rather sit on mid-to-long term watching who breaks out to confirm trend through contending volume while actually measuring volume itself instead scale determinism estimation alone on incoming derivations using concurrent footage as guide only act last confirmed ratio based rules stated earlier during boost signals finding optimal entry distancing yourself remaining month at least .
💬 In your opinion, will BTC go to $76K or $62K next?
