Bitcoin is Weakening-Here What to Expect from the BTC Price Rally Ahead of the Month End
After briefing, Bitcoin Price Almost below $96,000, which could push it into a deep bearish. Market sentiment has regained fear of neutrality again, suggesting that traders seem uncertain about the next price action. On the other hand, BTC’s advantage remains above the gains, while Altcoins’ performance is relatively good, which raises concerns about the next price action.
Now that the BTC price has entered the extended merger stage, can we expect a breakthrough after extended compression?
BTC’s price is trying to rise more than $100,000 as the Bulls show some weaknesses, which causes huge sales pressure. This may point to an extended bearish effect, activating a lower target that has not been visited in the past 6 months. On the other hand, on-site ETF outflows have nearly $500 million in the past three days, which may validate the bearish statement. As prices are still restricted, Bitcoin Degen’s desire and shorts are on the rise.
As shown in the picture above, liquidity has been installed on both sides of the token. Generally, liquidity drives price increases and considering the current trade setup, longer shorts and shorts on the hill, are both liquidity. So those who will struggle to accept it are whales, and retailers may bear the heat. What’s next? Will BTC price trigger a rebound to return $100,000 before the monthly closing?
As shown in the above picture, the BTC price consolidates within a narrow range and prevents the bear from dragging the level below. Meanwhile, technicians point to the continuation of bearishness when the RSI and CMF face south. This suggests that both the rally and the bulls are becoming weak, which may support the bearish narrative. Therefore, the current trading settings indicate that Bitcoin (BTC) prices are prone to pullbacks and may drag the level back below $93,000, which may be at the close of each month.
