Key Takeaways
Bitcoin holds at the $26.8k support level after a session with no major action in the market.
The direction is clear, however, the market needs momentum for the move up.
The macro environment is improving as the cross-asset framework suggests liquidity should start flowing into the system and bitcoin catch up to the hot Tech.
BTC has held the $26.8k support level yet could not break over $27.5k. A break and hold of the $27.5k are needed for higher prices, with an uptick in spot demand to fuel the move.
It's been a calm session of consolidation (as we expected). The structure is ripe for the move-up; momentum is the missing part of the equation - no clear sign of momentum in the spot market.
The perpetual market shows a similar picture: a quiet session with muted/flat volume. Keep an eye on the consolidating price action and increasing open interest… a move is coming.
On the bright side, signs of bullish direction are emerging, as seen by the decreasing short positions on Bitfinex. However, we still lack a material increase in long positions to get the ball rolling.
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