Key Takeaways:
-
Bitcoin targets $ 122,000, where $ 2 billion in short liquidation is clustered but Q3 Panwa -time data indicates the downside.
-
A falling RSI, spot BTC ETF outflows, and low trading volume points to the weakening of the bullish momentum.
-
The FOMC minutes and positive news from the White House can trigger a rally on Wednesday.
Bitcoin (Btc) Shortly dipped below $ 117,000 on Tuesday, sweeping the internal liquidity built between $ 117,000 and $ 119,000 over the weekend. The absorption of this liquidity, often a precursor in the movements of the direction, occurred as $ 100 million In the long position is liquid. Despite the sinking, the 100-day exponential transfer of the average (EMA) to the four-hour chart continues to offer dynamic support, limiting the downside risk for a short time.
With a small amount of liquidity visible up to $ 114,500, the path of at least resistance now remains higher. The next major area of interest lies between $ 120,000- $ 122,000, a sale area where the cessation orders are clustered. A day -to -day supply zone between $ 121,400 and $ 123,200, which represents the previous price resistance, increases this coherence, suggesting BTC can try to sweep the external liquidity established over the past two weeks.
Strengthening this bias, BTC’s extermination map data shows that $ 2 billion in short BTC positions can be liquid around $ 121,600.
Related: Bitcoin’s price gained 50% at the last time its volatility fell to this low
Can Bitcoin overcome $ 122,000?
While the short-term market structure outlines a bullish recovery, long-term setup indicates that the BTC’s bullish momentum may disappear. A double top formation can appear near all times high, reflecting consumer fatigue. Failure to break cleanly above the $ 123,200 -day -day supply zone will prove this pattern, surprising price detection.
Onchain data supports this caution. Daily -Sun -Kaba -Bitcoin Strength Index Index Fall At 51.7 from 74.4, indicating fatigue in the area market, while the sun -day volume fell to $ 8.6 billion, both signs of fading participation. Spot BTC Exchange-Traded Fund (ETF) also refused 80% week-to-week up to $ 496 million from $ 2.5 billion, pointing to the cooling of institutional appetite.
While futures Open interest Those who remain raised to $ 45.6 billion, the increase of long funds suggest growing over -confidence. In addition, 96.9% of the supply remains in revenue, which signed high potential for income extraction.
August Historical restores further strengthening to this stance. With more than 60% of the August period closed in red with an average return of 2.56%, the upcoming month presents headwinds. Combined with the weakening of onchain activity, such as the collapse of active addresses and volume transfer, BTC may re -enable it in the coming weeks.
However, this perspective may not be valid on Wednesday. The US White House is expected to release a strategic crypto policy report, which could introduce a Bitcoin Reserve framework and delta-neutral accumulation techniques, which potentially boost ETF and BTC Treasury Building flows.
In addition, all eyes remain at the Federal Open Market Committee (FOMC) meeting this week. Although there is no rate of rate, such an outcome may be mainly, given the July’s parallel neutral tone. However, any Dovish commentary from fed chair Jerome Powell may change emotions. If Powell indicates a potential cutting rate in September, markets can run the expectation, BTC driving to break above $ 123,000 and push into new highs.
Related: Bitcoin analysts said this should happen for BTC prices to hit new highs
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
