BTC traded a tight weekend range, failing to reclaim 61,000 or break 59,000. Price just swept Friday's high and is now looking to retest the low end of the local range. Sentiment is cracking with price: ETFs hit seven straight outflow days, the average iBit holder is down 40%, and MicroStrategy's enterprise value just fell below its BTC reserve for the first time.
🟡 June 29, 9:16am ET
BTC traded a tight weekend range, failing to reclaim 61,000 or break 59,000. Price just swept Friday's high and is now looking to retest the low end of the local range.
Since the 65,000 rejection, price has stayed capped by the 4-hour EMAs. Their slope is flattening, but the structure still reads as setting up for the next leg down, even if it squeezes short positioning first.
Price sits at the 60,000 local floor. Buyers stepped in at 58,000 to defend the last breakdown attempt, but gravity stays the base case until price can at least reclaim 64,000.
Price is trading just inside the low end of June's value area despite multiple breakdown attempts. The level keeps absorbing supply, but the repeated tests grind away at the support.
Resting buy orders cluster below 58,500, with 58,000 as the next long liquidation magnet below. The order book and liquidation map line up at the same shelf.
When narrative follows price, sentiment cracks with it. BTC ETFs hit seven straight outflow days, the average iBit holder is down 40%, and MicroStrategy's enterprise value just fell below its BTC reserve for the first time. The board has authorized a new program allowing selective BTC sales.
Job openings print tomorrow and PMI lands Wednesday. Two macro reads into a tape pinned at the lower end of its range, with sentiment already cracking.
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BTC enters Monday at the 60,000 local floor after a tight weekend range that failed to reclaim 61,000 or break 59,000. Price just swept Friday's high and is now looking to retest the low end of the local range. Since the 65,000 rejection, price has stayed capped by the 4-hour EMAs. Their slope is flattening, but the structure still reads as setting up for the next leg down, even if it squeezes short positioning first. Buyers stepped in at 58,000 to defend the last breakdown attempt, but gravity stays the base case until price can at least reclaim 64,000.
Positioning lines up at the same shelf. Resting buy orders cluster below 58,500, with 58,000 as the next long liquidation magnet below. The order book and liquidation map agree on where the next reaction zone sits. Price is trading just inside the low end of June's value area despite multiple breakdown attempts; the level keeps absorbing supply, but the repeated tests grind away at the support.
Sentiment is cracking with price. BTC ETFs hit seven straight outflow days, the average iBit holder is down 40%, and MicroStrategy's enterprise value just fell below its BTC reserve for the first time. The MicroStrategy board has authorized a new program allowing selective BTC sales. Job openings print tomorrow and PMI lands Wednesday into a tape already pinned at its range low. Tactical reads: a reclaim of 61,000 and acceptance back above 64,000 unlocks the path to June's VA high at 65,000; a flush through 58,500 into the long liquidation cluster at 58,000 sets up continuation lower toward the 56,000 early-2024 range low.