Bitcoin’s price is currently situated in a critical area, and its reaction in the next few days will likely determine the market’s direction in the coming weeks.
If this level holds and the market rises above the 200-day moving average, a rally toward $30K and beyond becomes highly probable. However, failing to do so could result in a potential crash towards the $20K support zone.Examining the 4-hour chart provides further clarity on recent price action. Since breaking out from the large falling wedge pattern, the price has been climbing higher, surpassing the $27,500 resistance level.
This chart displays the 100-day moving average of the Bitcoin Taker Buy Sell ratio, a valuable metric in evaluating sentiment in the futures market. This metric indicates whether buyers or sellers are executing more aggressive orders overall. Values above one are considered bullish, while values below 1 are bearish.
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