BTC continues tapping liquidity on both sides without a clear direction

After a brief relief yesterday, BTC price finally broke support and went down to $18,600. This was expected as Bitcoin dominance was rising for the past few days.

Market participants are aggressively opening longs as suggested by futures data, and even though we have had bounces from current levels in recent days, exchange data shows weak spot bidding, which is usually not sustainably bullish.

Meanwhile, DXY had quite a run before it got rejected from 113.9. We expect DXY to make another attempt over the weekend. S&P 500 is currently below 3,700 is struggling to make higher highs and is maintaining its bearish structure.

Top altcoin gainers and losers

Gainers

• Casper CSPR (+10.74%)
• Klaytn KLAY (+6.02%)
• Chiliz CHZ (+2.80%)

Losers

• Axie Infinity AXS (-9.27%)
• Uniswap UNI (-7.38%)
• Solana SOL (-6.18%)

Bitcoin Technical Analysis

Bitcoin price had constantly been testing \(19,000 over the past few days and it finally broke down today. We stayed at \)18,600 for a brief moment, and while there has been a bounce, it is mainly driven by futures, so Bitcoin is not out of the waters yet.

As seen on the chart, however, we are finally beginning to see a trend shift in volume. This exhaustion of volume usually is a good sign of a bottom as most market participants have left or are underwater. In the short term, we can expect Bitcoin to range between \(18,750 and \)19,250 as seen from gamma exposure through options trading.

Ethereum Technical Analysis

Ethereum price went down as low as \(1,253 in this drop and with 1 hour left to close this H4 candle, we can see that it's back in the symmetrical triangle. The next targets are likely to be \)1,298 and \(1,325, respectively, but if Bitcoin does not hold, the price could go down to \)1,200 at first and then $1,150.

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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.