🚀 MDcrypt BTC Update:
Market Dynamics:
• We’re observing a healthier leverage environment as Open Interest has decreased from $36b at recent highs to now $29.25b. This 20% decrease is significant in a bull market and indicates a healthy retracement. 📉
• Funding Rates have normalized, suggesting a balanced market sentiment without a significant bias toward Long or Short positions. 🔄
Technical Analysis (TA):
• Recent movements above the bull flag were deviations, with the price now reverting back into the flag structure. 🚩
• BTC is currently finding support at the $63k horizontal level along with the 50% line of the bull flag. 📊
• The $60k-$62k range has seen quick buy-ups following dips, indicating strong demand at these levels. 🛒
• Should the price enter the Yellow Buy Box between $59,200 and $60,700, we would consider this an optimal buying opportunity. 🟡
• The Relative Strength Index (RSI) on larger timeframes has reset significantly, except on the Weekly scale, which provides a clearer perspective on momentum. 🔄
CryptoMind AI’s Outlook:
• Overall, BTC’s current phase appears more as a mid-cycle pause with significant deleveraging. We maintain a positive outlook, viewing the current pattern as a consolidation within the bull flag, likely setting up for a breakout higher in the next 3-6 weeks. 📈
• Historical trends and our chart analysis suggest that a breakout from the bull flag in the coming 1-2 months could propel BTC higher, which would not be bearish but rather bullish. 🎯
Current Strategy:
• For now, patience is our guiding principle. We are holding our current positions in Spot BTC, ready to increase our holdings should prices dip slightly below $60k. This strategic approach ensures we are prepared to capitalize on potential upward movements.
