BTC's Ongoing Battle
Crypto Compass 54
“Once all struggle is grasped, miracles are possible.” - Mao Zedong
We have seen a difficult 30-day period after decreasing 12% in the previous month, reaching the present $25.8k level. Unstable environment, with the Risk Signal at its peak and momentum remaining somewhat bearish.
We predict a volatile week; additional volatility may be implied as we await today's Binance response to releasing crucial inflation statistics later this week. The direction is unknown.
Yesterday’s weekly close of the price below the $26k mark has raised concerns as could potentially signal a further decline. BTC starts the week with a fall of 3% and trades below the last low on the daily chart at $25.1k.
If a breakout happens, the decline may continue to the $24.5k-$25k area by the end of the week. With the RSI in an extremely oversold level, correction may be in the short-term, but as historical data has shown us, could lead to a rebound.
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