$BTC Lately, the market has been drifting along as if it had lost its soul, so the guys got together to see if anything was going on. One look at the 4H and 1W charts, and it’s clear that both sides have a point—classic market confusion.
On the 4H chart, the price is hovering around $81,704. The RSI is slightly weak at 43.8, and the price is below the MA7 ($81,739.28), MA25 ($82,476.32), and MA99 ($82,577.59). These short-term moving averages are mainly signaling a downtrend. After a few sessions of mild recovery, Bitcoin is indeed hovering around the short-term moving averages on the 15-minute chart, seemingly trying to consolidate around support, but it’s still below key resistance levels on the 4H and 1W charts. But take a look at the 1W chart, and the longer-term picture shows that the market is still in a correction phase following a rally, with the RSI at 56.7. Quite the contradiction, right?
The interesting thing is that U.S. spot Bitcoin ETFs have recently seen fairly strong inflows, with more than $1.07 billion coming in over the three most recent sessions as of 21/10, reversing the net outflows seen earlier in the month.
On the 4H chart, the price is hovering around $81,704. The RSI is slightly weak at 43.8, and the price is below the MA7 ($81,739.28), MA25 ($82,476.32), and MA99 ($82,577.59). These short-term moving averages are mainly signaling a downtrend. After a few sessions of mild recovery, Bitcoin is indeed hovering around the short-term moving averages on the 15-minute chart, seemingly trying to consolidate around support, but it’s still below key resistance levels on the 4H and 1W charts. But take a look at the 1W chart, and the longer-term picture shows that the market is still in a correction phase following a rally, with the RSI at 56.7. Quite the contradiction, right?
The interesting thing is that U.S. spot Bitcoin ETFs have recently seen fairly strong inflows, with more than $1.07 billion coming in over the three most recent sessions as of 21/10, reversing the net outflows seen earlier in the month.