Bitcoin [BTC]: This Is Crypto's Final Test.

Market Update

The last 24 hours have seen a significant drop in overall volume, a red flag for any rally.

• Price has been rejected from the level discussed in the previous video.
• Continued drop in volume is a concern.

Market Data

• Low levels of liquidations at $300 million in the last 24 hours.
• 50-50 ratio, slightly favoring the short side of the market.
• Overall 24-hour volume has declined to $204 billion.
• Exchange volume averaged over a 7-day period is also declining.

Volume and Liquidity

• Huge drop-off in volume is a massive red flag for rallies.
• Consecutive days of outflows in spot ETFs, but not enough outflow to indicate a bottom.

Charts

• Total market cap rejected from the 50% point at $3.47 trillion.
• Bitcoin rejected from $103,700.
• Still technically strong on the trend line and speed line.

Outlook

• Expecting a breakout or breakdown from the current range to see sustainable trends.
• If the market breaks beneath $3.37 trillion, it could be an early sign of a retest of range lows.
• If the market sees closes and higher highs above $3.5 trillion, it could be a sign of an explosive wave three.
• still on the hunt for a confirmed wave two low, jury is still out.

Conclusion

The market is currently in a "washing machine market" with a lot of sideways action, and it's difficult to navigate.

• Expect more of the same until there's a breakout or breakdown from the current range.
• It may take a big capitulation event to flush out weak hands and sentiment before the market can move again.