Source: Rekt Capital/XFurther analysis gave a new BTC price range with $71,000 as its lower boundary based on previous trading volumes.“Bitcoin is experiencing downside continuation after upside wicking into the early March Weekly lows (red),” Rekt Capital summarized.“Having confirmed this red level as new resistance, BTC is now dropping into the $71,000-$83,000 Volume Gap to fill this market inefficiency.”BTC/USD 1-week chart with volume data.
That said, the fact that bids are piling in on some assets makes them very enticing.”Related: Black Monday 2.0? 5 things to know in Bitcoin this weekCME “gap” creates BTC price resistance above $82,000Focusing on BTC price action, popular trader and analyst Rekt Capital revealed a new nearby resistance level in the form of a recent “gap” in CME Group’s Bitcoin futures.“On the CME Futures Bitcoin chart, price broke down from its sideways range (black-black),” he wrote alongside a chart showing the gap between $82,000 and $85,000.“In confirming the breakdown from the range via a bearish retest, Bitcoin filled the CME Gap (red circle) in the process.
For Keith Alan, co-founder of trading resource Material Indicators, the status quo was unlikely to improve in the short term.“Part of me wants to sit on my hands and wait for this shit storm to pass,” he told X followers while examining order book conditions for Ether (ETH) and Solana (SOL).“Because I don't think it is going to pass quickly, I'm not too eager to buy, even though some of these assets are on sale at great prices.
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Author / Journalist: Cointelegraph by William Suberg
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