#hotTrends $BTC $ETH $BNB

Is Bitcoin likely to adjust in preparation for halving?

The BTC monthly chart is starting to show worrying signs for the bulls. Bitcoin is currently trading halfway below the month's range, currently at 66,538. As we are approaching the end of the month, this means the month could end weak on the monthly chart. Certainly, that becomes more likely if we see a deeper retracement.

That would suggest there could be a longer period of retracement or consolidation before Bitcoin is ready to trend higher again. However, that scenario could change with a daily close above 68,934. A daily close above 68,934 before the new retracement low, shows strength and raises the possibility that the 38.2% retracement could complete the correction.