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On the first day of the week, Bitcoin price reached $65,000 during the night but then experienced a decline. This decline did not affect the opening of the first day of the week on Wall Street, and Bitcoin maintained a relatively stable appearance.
Bitcoin Comments
Market price data indicated that the BTC/USD pair staying below $64,000 reflected signs of weakness in the short-term outlook. The visit to $63,128, the lowest level seen since the weekend on the Bitstamp exchange, caused market participants’ views to shift from optimism to pessimism.
Material Indicators shared a post on X with the following words:
No straight lines.
In a chart, it was seen that the order book liquidity on Binance, the largest global exchange in terms of volume, turned in favor of the bears.
FireCharts shows Bitcoin bid liquidity dropping to $62,500. Such moves tend to pull the price down. They also tend to attract late shorts. Pay attention to your positions and resist the urge to overtrade. We expect volatility until the monthly close.
Meanwhile, popular cryptocurrency investor Crypto Chase emphasized Bitcoin’s general lack of aggressive follow-through after a real breakout.
The more people are given the opportunity to get on board (US waking up), the less it should be trusted, IMO. After sweeping a low before a real pump, local prices typically aren’t bid for hours.
Another notable market analyst commented on the possible “Bart Simpson” pattern, which could see the price fall to its position at the end of last week, fueling current concerns.
This comment was made by Jelle, who still noted that the market looked “stronger compared to what has been seen in the last few months.”
Bitcoin’s Future
Following last week’s positive macroeconomic data from the US, trading firm QCP Capital expressed surprise at the lack of a sustained increase in BTC prices.
In the latest bulletin shared on Telegram, it suggested that markets already assumed the Federal Reserve would announce rate hikes next month and made the following statement:
Even at higher spots, BTC and ETH vols are currently more skewed towards Sells rather than Buys until October. This is surprising given the overwhelming bullish trend. It likely shows that the market is well-positioned for this move and is too quick to take profit by selling calls.
QCP indicated that BTC might continue to move between $62,000 and $67,000 in the near future.
