There is no reverse verification; Price eyes $60k with 3% profit
According to Crypto World analyst Josh, Bitcoin is currently experiencing significant volatility, with one indicator collapsing, which points to imminent liquidity – but this time to the upside. However, the German government is currently running out of Bitcoin production of less than 4,000 BTC worth more than $200 million. Given their recent selling price, they may soon deplete their Bitcoin reserves.
Balancing this selling pressure, there were significant inflows into spot Bitcoin ETFs. On Thursday alone, it was nearly $79 million in net income. Although these inflows declined over the course of the week — from nearly $300 million on Monday to $79 million on Thursday — overall, ETF inflows offset selling pressure from the German government, keeping the market relatively neutral.
Analyzing the Bitcoin charts, he said that Bitcoin has not yet confirmed a bearish reversal. For this to happen, Bitcoin must close below $55.8k for four consecutive days. Currently, Bitcoin holds above this level, which indicates that it is still in a large bullish trend. He cited past instances such as August and March 2023, when Bitcoin briefly dipped below the trend indicator but did not confirm a bearish reversal.
Additionally, the DXY crash is a big sign for Bitcoin. Historically, when DXY is the ledger, Bitcoin tends to be bullish about 90-95% of the time. Currently, as the DXY is pulling back, it shows high momentum for Bitcoin.
Expect little bearish relief or sideways price action for the rest of the week, which may extend into next week. Bitcoin's support levels are $56k-$57k and $51k-$53k. Finally, the Bitcoin Liquidity Heatmap shows that after recent liquidations around $56.6k-$56.8k, the next major liquidation zone is between $59.8k and $60k.
