Bitcoin entered a high liquidity zone after its recent rally, which helped the coin reclaim a spot above the 200-day EMA. What next?
entered a relatively high liquidity zone after its recent rally, which helped the coin reclaim a spot above the 200-day EMA.
The king coin recently broke down from a bullish chart pattern after reaching the ‘Point of Control ’ – A level that’s typically characterized by the highest trading levels at specific price points. At press time, the crypto was trading at $64,304, down by nearly 3% in the last 24 hours.BTC has found an oscillating range between $55.8K and $71.6K for over four months now. The coin’s last rebound from the upper boundary of this range propelled a nearly 21% monthly downturn until 6 July.
The coin would likely see less volatility in the short term since it’s currently trading in a relatively high liquidity zone. BTC would likely rebound from this support level, especially given the confluence of the support levels.
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