I don’t really like what Bitcoin is doing here one candle up followed by four days of consolidation. That move up was likely just shorts taking profits.
Right now, it feels like the same old pattern.
-Price broke $90k, struggled to reclaim it, and failed.
-Price broke $80k, struggled to reclaim it, and failed.
And now it’s struggling to hold above $70k.
I want to see it leave this range soon ideally today. Otherwise, it could rotate lower again.
$71,500 is the level to watch. Above that, we’re good. Below that, it still looks bad.