Bitcoin [BTC]: Price WILL NOT Go Higher In Crypto Until This Happens...

Market Overview

• Over $500 million in crypto was liquidated in a matter of hours, a signal that typically leads to high prices.
• The fear and greed index is still in greedy territory, indicating that sentiment may not have reset enough to mark a major bottom.
• The stock market is in fear, despite holding most of its gains.

Total Market Cap

• The total market cap is sitting at a 50% level from its previous high, which is acting as a support zone.
• A break of this support zone could lead to a continuation down to the next potential support zone.
• The previous all-time high is a major support zone, and as long as the price remains above it, the market is in strong territory.

Bitcoin

• Bitcoin is holding a weekly swing bottom, which is a key support zone.
• A break of this swing bottom could lead to a longer drawn-out corrective pattern and potentially much lower prices.
• The short-term 50% level from the last peak is at $97,120, and the price needs to get back on top of this level to show strength.

Short-Term Outlook

• The market is looking for a confirmation signal to get more confident that the low is in.
• A break of the $3.4 trillion level could lead to a continuation down to the next potential support zone.
• Bitcoin needs to show some closes and higher lows above $100,000 to get more confident that new highs will be printed sooner rather than later.

Key Levels to Watch

• Total Market Cap: $3.3 trillion, $3.4 trillion
• Bitcoin: $97,000, $100,000, $94,000, $92,000