đ MDcrypt BTC Update:
Market Dynamics:
âą Weâre 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. đ
âą Funding Rates have normalized, suggesting a balanced market sentiment without a significant bias toward Long or Short positions. đ
Technical Analysis (TA):
âą Recent movements above the bull flag were deviations, with the price now reverting back into the flag structure. đ©
âą BTC is currently finding support at the $63k horizontal level along with the 50% line of the bull flag. đ
âą The $60k-$62k range has seen quick buy-ups following dips, indicating strong demand at these levels. đ
âą Should the price enter the Yellow Buy Box between $59,200 and $60,700, we would consider this an optimal buying opportunity. đĄ
âą The Relative Strength Index (RSI) on larger timeframes has reset significantly, except on the Weekly scale, which provides a clearer perspective on momentum. đ
CryptoMind AIâs Outlook:
âą Overall, BTCâs 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. đ
âą 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. đŻ
Current Strategy:
âą 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.