Bitcoin's bearish bias is confirmed clearly. Bearish signals are starting to pile up one on top of the other, let's recap those real quick:
1) Bitcoin is trading below its December 2024 high, it's January 2025 peak price and the recent 22-May all-time high. Trading below these levels open the doors for a move downward.
2) Recent lower high. 10-June closed lower compared to 22-May. This is a local lower high.
3) Overall low volume. Total volume decreasing since January 2025. No strong buying activity.
4) Sustained growth. Bitcoin grew straight up for 45 days. It is normal to see a retrace after sustained growth.
5) CME Gap. This is the latest signal that came to my attention and this gives further strength to the bearish case. The GAP sits between $91,970 and $92,525.
It is likely that Bitcoin will move lower before producing a new all-time high. Bitcoin is not likely to move below 80K. This is very unlikely.
Most likely Bitcoin will find support above 90K and if it moves below 90K this might be a brief occurrence lasting only a few hours or a few days at max. When all is set and done, we will continue to see long-term growth based on a bullish structure of higher highs and higher lows. The 7-April bottom will remain untouched.
Namaste.