- Bitcoin has held up above its monthly open for June
- Fibonacci Retracement levels emphasized the importance of the $ 102k support zone
Bitcoin [BTC] Holders have remained steadfast. A recent report even showed that the BTC inflow of whales/retail to also delayed exchanges.
This behavior can be proof of a preference for keeping, instead of selling. Although this can be bullish in the long term, the price action can also see a dip in the short term.
Source: BTC/USDT on TradingView
The monthly levels were marked in the green and formed a short -term range that Bitcoin retains. A daily session that is lower than $ 104.6k would be the first step to show that the range was really violated.
Until that time, the construction of liquidity could be tested around $ 103k $ 104k, but may not be a bearish signal.
As the daily candles of the past week revealed, a movement to the south can be followed by a jump. The chance of such a bouncing has decreased over time. This can be demonstrated by the OBV falls under the beginning of June and tests as a resistance in the last 24 hours. The RSI also flashed Beerarish Momentum.
Importance of $ 102k level for Bitcoin
Source: BTC/USDT on TradingView
On the 4-hour graph, the $ 100.3k to $ 110.5k rally was used to plot a set of Fibonacci retracement levels (light purple). The levels of 50% and 61.8% have been important last week, especially the last at $ 104.2k.
The failure of this FIB level would mean that $ 102.5k will arise as the next goal. Below that, the range of $ 101.5- $ 102k marked the bullish order block where the rally started earlier in June.
The OBV on the H4 graph showed that sellers recently prevailed. At the time of the press, the price structure and the momentum were also bearish.
Finally, the Bitcoin MVRV abnormalities revealed that $ 102.5K was a support level at the +0.5σ level.
The price above this level can be a sign that the market is still in its early bull phase. A movement beyond +1.0σ, now at $ 122k, would signal a local top.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer