Bitcoin Liquidation and Retest of Support: Predicting the Next Move to $74K

BTCUSD is currently experiencing a correction phase, with the price struggling to break through the 71500 resistance level. This consolidation pattern is evident on higher timeframes, indicating a tug of war between buyers and sellers. The market sentiment hinges on the crucial 71500 level, as a successful breakout and sustained consolidation above this point could pave the way for a rally towards 74K. However, the market lacks the necessary momentum at present, leading to ongoing consolidation within the range of 71500 to 64500. It is essential to monitor the upward support levels, particularly around 64500, which serves as a key area for bullish trend confirmation. In case of a breakdown below 64500, the price may target levels at 61500, 59000, and 56400. Yet, the most probable scenario involves a false breakdown at 64500, followed by a price rebound towards the 71500 resistance zone. Support Levels: 64500, rising line, 61500 Resistance Levels: 70000, 71500 The current consolidation phase is expected to transition into either a growth or distribution phase. While growth remains a possibility based on overall market data, a dump followed by a retest of lower liquidity zones cannot be ruled out before any upward movement. Best regards, R. Linda

BTC is hailed as the ultimate decentralized currency, according to the CEO of Tether.

Trade in progress:

The current trade is active with a bearish setup on the D1 chart. If the price breaks below 66000, we may see a further decline to 64589. However, if there is a market reversal, crossing 67300 could signal a bullish trend with a potential change in the local sentiment.