Analysis $BTC 07/25/2024

#Bitcoin, it was no surprise that we broke the red band. See that in yesterday's analysis I mentioned that if we didn't break USD 67,100 on the second attempt, then it was the red band that we would be testing, and that was in fact what happened and unfortunately we fell to where we expected (but we wouldn't have liked).

Below the red band is where the BULLS cannot stay, and I waited until now to post the analysis, because it is precisely at this point that AGAIN the thing is decided, since if we do not close above the red band or at least within it, then Tomorrow we can start descending again to look for the orange belt.

Today we had Mineradora Marathon buying 20K BTCs and this made a great move upwards, but we still need to see spot buyers acting here throughout the day, or this will just be a new retest of the price, for us to fall.

I remain OPTIMISTIC here, even though perhaps the price is not the best, but we are still above USD 60K and that is enough to maintain the upward trend.

BTC's dominance is rising quickly and already exceeds 56%, bringing Altcoins down, but the dominance doesn't have much else to go, so it should retreat next week, and we will have a good start to the month with a decent recovery.

We had large movements from cash SELLERS and also from PERP SELLERS causing even more SALES pressure. We can see that SALES have been increasing quickly, even though the big sellers have gone to USD 71K/ 75K, we can see a significant increase in these orders.

BUYERS also moved, however, many BUY orders were activated yesterday when the price fell below USD 64K, which helped the price stop falling, and today the large buy orders are weak, and we will need this to improve throughout the afternoon, or we will only have some support at USD 61,500/60K.

Either way, this is not the time to change, stay strong and HOLD ON!

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