WhatsTheMap
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WhatsTheMap
Bitcoin retracing to 25k area by the end of year. With the hype around the Blackrock ETF approval dying down as investors are finally realizing that approval is not happening anytime soon, the demand has dried up and there is not enough pressure to keep BTCUSD moving upwards. Additionally, many people were calling the XRPUSD case win to be the catalyst for the beginning of the bull run, we all saw how that had an effect on BTC... On the macro level, things have not gotten better either. There is simply no reason bitcoin should be moving higher when nothing has really changed. Bitcoin is showing signs of weakness now and will slowly fade for the rest of the year before the 2024 halving. Technical analysis shows the 25K area to be the first target for support. If it holds, we will likely consolidate there for some time. If it does not, we'll be looking at the $18.5k area for support. A look at the Weekly RSI also shows signs of weakness and that we will most likely be heading lower for a longer period of time. I will not be shorting BTC but will not be holding any positions either until we move lower.
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