Bitcoin - Market Structure Overview | $BTC

Bitcoin sweeping $64.9K (Prior daily resistance) was very bullish at the time. We created a HH. However - Its important to note that we retraced back downwards & formed a LTF lower high at $64k.This rejection indicates that we are still range bound. The moment we had acceptance below $64.9K on the daily...that was the sign to flip bias/market positioning.

Bearish Outlook🔴

As of now based of the HTF $60.4K-$60.7K serves as a very important area. Creating a LH at $64K and then breaking below $60K would validate that we can trend lower. If $60K is lost, Your next POI for longs sits around $57.4K on the daily timeframe. This needs to hold as its a HL on the daily. Lose it = CME gap at $53-$54K

Bullish Outlook 🟢

If Bitcoin is able to reclaim $62.5K & then create a HH above $64K previous high, this would validate a structure shift. Meaning that HLs are expected & to look for longs on pullbacks. Unable to create a HH above $64K will result in the Bearish thesis above. If in the next few weeks Bitcoin can break above $65K & hold with bullish structure, We are looking at price discovery above $67-$68K.

Remember to always analyze market structure! Hopefully this helps!