
Daan Crypto Trades|Mar 23, 2025 19:56
BTC Has been very choppy the past few weeks. Unable to string several daily green or red candles in a row since its local bottom on the 11th of March.
These kind of consolidations are generally to chop people up before the bigger move occurs.
Right now, price is pretty much in the middle of nowhere.
Sentiment & Momentum will be back into the bulls' favor upon retaking the previous range. I think that would lead to new highs pretty soon.
If price can't do that, I will be looking at a test of the 2024/Summer consolidation at ~73K-74K which should at least offer some support.
My long term bias is still bullish on BTC and I think this correction was pretty normal for a bull cycle. We've seen far worse than 30% corrections only to retrace back up afterwards. I would re-evaluate that bias if we'd see sustained closes below 70K without a proper black swan event to get us there. If the latter is the case it will most likely just be a buying opportunity if anything.
We'll just keep playing it level by level :)
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