Price pushed local range short positioning offside above 63,000 before rejecting on the London session. The squeeze played out but the level held as resistance. Shorts unwound into this morning's spike, clearing overhead positioning, with long liquidations below 62,000 now acting as the downside magnet. All eyes on tomorrow's GDP and core PCE prints.
🔴 June 24, 9:25am ET
Price pushed local range short positioning offside above 63,000 before rejecting on the London session. The squeeze played out but the level held as resistance.
The week opened with a failed reclaim of 65,000. Price has since traded in a narrow range capped at 63,000. Downside continuation stays the base case until the 4-hour EMAs are reclaimed.
Tuesday's weekly low at 62,000 is holding for now. June's monthly low sits about 6% below, and June's high about 18% above. The monthly range is wide; the test is whether 62,000 survives long enough to defend it.
Price has been capped by June's value area high at 65,000 and is now drifting toward the value area low at 61,000. The full VA range is in play; the lower edge is the next reaction zone.
Shorts unwound into this morning's quick spike through 63,000, clearing overhead positioning. Long liquidations below 62,000 now act as the downside magnet. The squeeze fuel that loaded yesterday has been spent above.
Hawkish Fed and inflation concerns are dominating the tape. The question is whether this is a reaction that course-corrects as elevated oil prices fall back to pre-conflict levels. That sentiment shift could fuel a final euphoric leg, the blow-off top into the cycle.
All eyes on tomorrow's GDP and core PCE prints. Two macro reads into a tape pinned at the lower end of its range; the prints either confirm the leg lower or reset the squeeze setup.
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BTC enters Wednesday pinned at the lower end of its local range after pushing short positioning offside above 63,000 on the London session and rejecting. The squeeze played out, but the level held as resistance. The week opened with a failed reclaim of 65,000, and price has since traded in a narrow range capped at 63,000. Tuesday's weekly low at 62,000 is holding for now, but downside continuation stays the base case until the 4-hour EMAs are reclaimed.
Positioning has flipped. Shorts unwound into this morning's quick spike through 63,000, clearing overhead positioning, and long liquidations below 62,000 now act as the downside magnet. The squeeze fuel that loaded yesterday has been spent above. Price has been capped by June's value area high at 65,000 and is drifting toward the value area low at 61,000. The full VA range is in play; the lower edge is the next reaction zone, with June's monthly low about 6% below and June's high about 18% above.
The macro backdrop is the catalyst. Hawkish Fed and inflation concerns are dominating the tape; the question is whether this is a reaction that course-corrects as elevated oil prices fall back to pre-conflict levels. That sentiment shift could fuel a final euphoric leg, the blow-off top into the cycle. All eyes on tomorrow's GDP and core PCE prints. Two macro reads into a tape pinned at its range low; the prints either confirm the leg lower or reset the squeeze. Tactical reads: a hold at 62,000 with a reclaim of 63,000 reopens the path back toward 65,000 and June's VA high; a flush below 62,000 confirms continuation into June's VA low at 61,000, with 60,000 the next major shelf below.