Bitcoin's current trading structure suggests bearish both in the short and long term, as the coin is trading in the pre-halving phase, in the middle of a retracement. In addition, the coin has once again seen a bearish weekly price, suggesting that a new one is likely to begin. However, Ethereum appears to be strengthening compared to Bitcoin and could see a significant shift in sentiment towards ETH and altcoins, negatively impacting BTC**.
In order to avoid a bearish scenario, Bitcoin must remain above the lower support level, maintain an upward consolidation, and secure as a threshold level for the upcoming market. Stayed above $51,000 throughout the weekend**, with volatility dropping significantly due to a significant drop in volume. This forces ** to maintain a sideways trend.
However, the bulls are trying to defend the local support level of $51,000, suggesting that they are preparing for the next jump, which could break through $52,000 anytime from now. So, if BTC** reaches the resistance level above $52,300 to $52,500, the market could see a massive liquidation, leading to a new one**, and it could be harder than before.
The image above shows Coinglass's BTC liquidation heatmap, which suggests that the coin may face a massive liquidation due to its ** level above $52,300. After reaching these levels, more than $75 million is expected to be liquidated, suggesting that bulls may eventually be trapped at local highs again. Therefore, Bitcoin seems to want to break out of the higher range first, then plunge to catch the lower range, and then start.
In addition, BTC** is forming a bullish flag pattern that consolidates in a very narrow range, which increases the expectation of a breakout. As a result, Bitcoin's ** could consolidate and eventually rise back above $54,000, and possibly even as high as $58,000, which could eventually be significant. According to well-known analyst Michael van de Poppe, the upcoming correction could drag the post-halving level to $40,000 to $42,000.
Bitcoin (BTC) closed above $50,000 for the second week in a row, and a small range this week could inspire hope for a trend ahead of Bitcoin's halving.
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