Bitcoin Its price has gained an average of 30% in the past month, indicating a strong bullish impact on the crypto market. During the same period, BTC’s dominance increased to 52.8%, consolidating its power.
Popular technical analyst CryptoSoulz, Bitcoin priceBelieving that BTC should retreat from this point, he did this by detailing BTC’s on-chain data. justified.
one. $BTC short position:
– Key resistance is at $37,370, which shouldn’t be retested from here
NEWS CONTINUES BELOW– LIQUIDITY has been taken at $36,000, its a trigger to take SHORT positions
– $BTC local top is at $36,000, and made a LONG wick and retraced
NEWS CONTINUES BELOW– Deviation is the confluence to short pic.twitter.com/8djYKIxEn9
— CryptoSoulz (@SoulzBTC) November 2, 2023
The analyst believes that BTC price holds the next key resistance level at $37,370. As for the price, it is estimated that it will not be tested soon as it has recently experienced a short price around $ 36,000.
Bitcoin price recently managed to break the key resistance at $35,000 and then attempted to make a run to test the upper level at $36,000. However, the rally was short-lived as the price suffered a significant pullback by the bears.
This caused the price to form a long wick on the chart, thus losing momentum and trading below $35,000 again.
Many on-chain metrics have been trending upward for some time. Additionally, the SPOT Order Book (OB) was also recording an increase, but this did not last long and fell back immediately after. PERPS also started to decline following this trend. The analyst assumes that if $36,000 becomes a local top for Bitcoin price, MM’S SPOT and PERPS should decline in the coming period.
The analyst also made sense of BTC’s on-chain matrix. The price of BTC has been in an uptrend since October, indicating that its MS is on the rise. The simple moving averages (SMA) first broke the 200D level, then successfully broke out of the 200W level, causing the price to experience a large price movement.
Currently, the 365D SMA is acting as a support for the price and it is expected to be retested soon.
Koinfinans.com As we reported, Bitcoin experienced a liquidation at $36,000, indicating that the price will soon experience a correction. CryptoSoulz predicts that the second liquidation pool should occur around $33,000 and the next liquidation pool will be at $31,000, after which the market may experience a bounce in the coming period.