During the first session of the week, Bitcoin corrected back to the support area of $31,000-32,000 then quickly recovered, which is a positive sign that the selling pressure is not too strong and BTC can still maintain its recovery. his costume.
Sentiment Market
The market sentiment remains in a state of extreme fear, which shows that the overall market sentiment is still volatile and mostly remains short-term trading sentiment like the price of BTC remains around the zone low value. This is evident in the volatility of market capitalization.
Market capitalization fluctuated in a narrow band and was quite slow, at the beginning of the week, the capitalization of the decline rate reached 1,300 billion, this is the lowest level in many weeks but then quickly returned to the area of 1,350 billion, showing that market capitalization is still was maintained and the volatility mainly came from short-term buying and selling behavior of investors and did not see unusual fluctuations from cash flow.
Observe the fluctuations in cash flow during the day (in-out)
We find volatility in money in and out to be quite bleak indicating that the market’s attractiveness is triggering these dismal market moves as daily volatility is fairly low.
Stablecoin reserve
We see Stablecoins are trending down, this is a positive sign as the market cap has not changed much, this suggests there may be a buying bias in bitcoin, we observe the chart Stablecoin ratio
Observing that the Stable ratio is tending to bottom and slope up, this shows that the market is tending to buy Bitcoin and Altcoins instead of holding Stablecoins, although the sign is not clear this is also a positive signal. with the market at the moment when cash out has not been shown.
Bitcoin Technical Analysis
Price structure
BTC continues to maintain an accumulation structure in a wide price range of $30,000-40,000 for nearly 2 months, BTC is approaching the lower border when it has had a decline to $ 31,600 in the latest trading session, in the short term. BTC is moving in a correction within a falling price channel and is testing the lower edge of this small descending channel.
Observing this correction, we see the following positive signs:
- The price is falling at a rather slow rate and the volume is decreasing over time, showing that selling pressure is not too great at the current support area.
- At important support areas, we see signs of buying and supporting the price, at the nearest bottom in this correction, a Bullish Pinbar continues to appear, showing the buying action of the buyers.
Price Behavior
After the rally above the short-term resistance of $33,000, we see a reaction of the upper demand pushing the price down, however, the low selling volume of the pin-bars shows selling pressure is not too large, the volume of the current bearish candles is decreasing, showing that the selling pressure has exhausted and only made a slight correction before the price continues its rally.
conclusion
Bitcoin started the new week with a rather choppy correction however the selling pressure is still very low, showing that the supply has exhausted and has not been able to create a strong decline in this area, which will attract buyers back. and pushed Bitcoin price to continue to recover.
My view with the positive signal analyzed in the weekly price structure and the pressure in the current correction showing signs of exhaustion, Bitcoin still holds the scenario of this week’s rally to the $38,000 price zone- $40,000.
Disclaimer: Reviews represent personal views, are for reference only, are not and should not be considered as investment advice, buy or sell any product or advise any business activity, and is not intended to serve the interests of any individual/organization.
