7/5/2024

Another brutal day for Bitcoin with the price dropping over 10% since yesterdays open, losing the daily range and also the daily EMA200 for the first time since October. I mentioned yesterday that the price could drop below $55k because I was watching liquidity building... most didnt think it was possible but we have event tested below $54k this morning. Right now we are seeing a daily demand zone below acting as support.

What next? If the selling pressure is not over then we have liquidity in the $52k-$50k region... I am also seeing significant orders building at $45k so this cannot be ruled out!