- It was unclear whether this bouncer could transform into an upward trend for Bitcoin.
- The announcement of the US Crypto Strategic Reserve On Sunday, the market -wide sentiment has somewhat dissolved.
Bitcoin [BTC] On Sunday on 2 March, with 9.53% after the announcement of a new strategic crypto reserve proposed by US President Donald Trump.
This proposal also contains Ethereum [ETH]Wrinkle[XRP]Solana [SOL]and Cardano [ADA]who all saw considerable profits.
From a technical perspective, the BTC -Bounce did not change the outlook on the daily period. Was this a bearish retest, or the start of a recovery that a new upward trend would herald?
Bitcoin is confronted with resistance up to $ 100k- Do you have to go short?
Source: BTC/USDT on TradingView
The American job report was adopted on March 7. If the report falls short of broader market expectations, this can affect shares and crypto, including Bitcoin. Moreover, the rally took place when the price broke the reach of the reach and a bearish structure established.
Was this a deep deviation before he went higher to collect liquidity in the south? Or could this be a “sale of the news”? It’s hard to be sure. On the other hand, trade has never been about certainty.
The CMF was at +0.15 and signaled heavy purchasing pressure, but the great Oscillator remained territory on Beerarish.
What is even more important, the daily market structure was also bearish. The lower high at $ 98.3 had to be broken to move the structure.
Source: Coinglass
The 1 -month liquidation heat emphasized the liquidity cluster around $ 100k. This indicated that a move to this region was very likely, because the price is attracted to dense liquidation zones.
Source: Coinglass
The 1 -week graph emphasized the level of $ 95.5K as the nearest target price. This level coincided with the level of support to which Bitcoin clung to in February. A retest of this level can cause a bearish reversal.
There seemed to be no more likely result in the press. Sentiment has been intensely bearish in recent days and traders would be afraid of being bullish.
Yet BTC is unpredictable, and this kind of scenario is when the price missiles are higher, so that many participants are offside.
That is why the Bullish Scenario seemed more likely on the basis of a qualitative assessment, while technical analysis supported the Bearish case.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
