{"id":536872,"date":"2023-06-07T19:00:47","date_gmt":"2023-06-07T19:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=536872"},"modified":"2024-06-11T08:04:49","modified_gmt":"2024-06-11T08:04:49","slug":"bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\/","title":{"rendered":"Bitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term"},"content":{"rendered":"

Bitcoin keeps moving sideways in a tight range as regulatory pressure in the U.S. mounts with two lawsuits against major crypto exchanges. The number one crypto by market cap could yet see crab-like price action, but the bulls could catch a break in the short term, according to an analyst. <\/strong><\/p>\n

Related Reading: LDO Leads Top Coins, Registers 6% Gains In One Day<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $26,500 with a 2% profit in the last 24 hours. In the previous week, BTC recorded a 2% loss. In contrast, other cryptocurrencies in the top 10 by market cap recorded similar price action except for Binance Coin (BNB), which recorded a 14% loss over the same period.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Positive Outlook For Bitcoin Price?<\/h2>\n

According to analyst Ali Martinez, the price of Bitcoin could see further appreciation. Over the week, the cryptocurrency has retraced but stayed above critical resistance.<\/p>\n

Despite the unfavorable and uncertain macro conditions and regulatory environment, crypto market investors continue to battle to determine a clear direction. In this context, Martinez stated<\/a> the following for BTC\u2019s price using the TD Sequential Indicator, as seen in the chart below:<\/p>\n

The TD Sequential presents a buy signal on the hourly chart, which could see $BTC rebound to $27,000 – $27,300. Still, #BTC must avoid an hourly close below $26,360 because it could lead to a downswing to $25,800.<\/p><\/blockquote>\n

\"Bitcoin
BTC could see more profits, according to the TD Sequential Indicator. Source: Ali Martinez via Twitter<\/figcaption><\/figure>\n

Despite the forecast, uncertainty could be the most critical factor, rendering the buy sequence ineffective. A break above the $27,000 to $27,300 levels could hint at a positive outlook for BTC traders in the short term.<\/p>\n

Conversely, $26,000 and $26,300 are still critical support levels, as the 200-weekly moving average (WMA) sits around that area. Bulls must defend this average to prevent the price from declining further, possibly into the low $20,000.<\/p>\n

As a positive sidenote, the spike in volatility in the previous trading sessions contributed to a cleanse in Open Interest (OI). Per a separate analysis, over $800 million in OI was wiped out as BTC took liquidity in both directions.<\/p>\n

Related Reading: SEC Files Emergency Action Application To Freeze Binance.US Assets<\/a><\/div>\n

Often, when OI is taken out and overleveraged positions are closed, the market is less incumbent to trend in a single direction. A pseudonym analyst stated<\/a>:<\/p>\n

We’ve seen quite the volatility over the past 48 hours. In total, we’ve seen over $800M+ in Open Interest being wiped out during this time. High leverage has been flushed out towards both sides. Liquidity taken. Up to spot to take determine the direction from here.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin keeps moving sideways in a tight range as regulatory pressure in the U.S. mounts with two lawsuits against major crypto exchanges. The number one crypto by market cap could yet see crab-like price action, but the bulls could catch a break in the short term, according to an analyst. Related Reading: LDO Leads Top Coins, Registers 6% Gains In One Day As of this writing, Bitcoin (BTC) trades at $26,500 with a 2% profit in the last 24 hours. In the previous week, BTC recorded a 2% loss. In contrast, other cryptocurrencies in the top 10 by market cap recorded similar price action except for Binance Coin (BNB), which recorded a 14% loss over the same period. Positive Outlook For Bitcoin Price? According to analyst Ali Martinez, the price of Bitcoin could see further appreciation. Over the week, the cryptocurrency has retraced but stayed above critical resistance. Despite the unfavorable and uncertain macro conditions and regulatory environment, crypto market investors continue to battle to determine a clear direction. In this context, Martinez stated the following for BTC\u2019s price using the TD Sequential Indicator, as seen in the chart below: The TD Sequential presents a buy signal on the hourly chart, which could see $BTC rebound to $27,000 – $27,300. Still, #BTC must avoid an hourly close below $26,360 because it could lead to a downswing to $25,800. Despite the forecast, uncertainty could be the most critical factor, rendering the buy sequence ineffective. A break above the $27,000 to $27,300 levels could hint at a positive outlook for BTC traders in the short term. Conversely, $26,000 and $26,300 are still critical support levels, as the 200-weekly moving average (WMA) sits around that area. Bulls must defend this average to prevent the price from declining further, possibly into the low $20,000. As a positive sidenote, the spike in volatility in the previous trading sessions contributed to a cleanse in Open Interest (OI). Per a separate analysis, over $800 million in OI was wiped out as BTC took liquidity in both directions. Related Reading: SEC Files Emergency Action Application To Freeze Binance.US Assets Often, when OI is taken out and overleveraged positions are closed, the market is less incumbent to trend in a single direction. A pseudonym analyst stated: We’ve seen quite the volatility over the past 48 hours. In total, we’ve seen over $800M+ in Open Interest being wiped out during this time. High leverage has been flushed out towards both sides. Liquidity taken. Up to spot to take determine the direction from here. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":536873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-536872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term<\/title>\n<meta name=\"description\" content=\"Bitcoin keeps moving sideways in a tight range as regulatory pressure in the U.S. mounts with two lawsuits against major crypto exchanges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term","url":"http:\/\/wncen.com\/news\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin.jpg?fit=640%2C435"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-06-07T19:00:47Z","datePublished":"2023-06-07T19:00:47Z","dateModified":"2024-06-11T08:04:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-24-hour-volatility-soars-why-bulls-could-win-fight-in-short-term\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/Bitcoin.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/Bitcoin.jpg?fit=640%2C435\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-06-07T19:00:47Z\",\"datePublished\":\"2023-06-07T19:00:47Z\",\"dateModified\":\"2024-06-11T08:04:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/Bitcoin.jpg?fit=640%2C435","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536872"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=536872"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/536872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/536873"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=536872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=536872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=536872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}