Bullish on Bitcoin? On shorter timeframes, you might be the only one.
Unlike before, however, the mood among market participants is distinctly risk-off under current conditions.
Among them is popular trader Muro, who argued that the bounce came courtesy of large-volume traders and was nothing more than a product of their strategies.alongside a chart of BTC/USDT perpetual futures.BTC/USDT perpetual swaps annotated chart. Source: Muro/ TwitterOthers looked to longer timeframes to make the case for Bitcoin at least taking a breather in its current trading range.
Historically, the area around $28,000 has been the most active in terms of volume, and attempts to flip it from resistance to support thus require exceptional strength. “What is more important, the local weekly breakout of a multi-month range, or the retest of the most significant supply zone in the last 2 years while we face all kinds of headwinds?” trader and analyst Cantering Clark“I will get just as bullish as every carnival barker when we are above 30k. Also, not for nothing, in trending markets there should be nothing wrong with buying higher. Until then, respecting resistance and positioning in accordance with that.
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