As I explained in my analysis last week, Bitcoin remains in a completely sideways market for the moment. The scenario I envisioned continues to unfold: the price oscillates between the $80,000-82,000 area and the $75,000-76,000 area, which is currently acting as support. And personally, I decided to take advantage of this range rather than trying to anticipate a breakout which has still not happened.
major resistance near $80,000-82,000
Bitcoin remains locked in the same range
So I opened a short position when Bitcoin returned to around $80,000, before closing it in the $76,000 area. This is precisely an area where I prefer to secure my profits, because we are still in a side channel in daily time units and selling aggressively on a support does not, in my opinion, make much sense.
In the end, a small operation with a little over $4,000 in profit. Nothing extraordinary, but it’s exactly the type of market where I prefer to take what it gives me rather than absolutely looking for a 10 or 15% move.
A simple operation within the range
ETFs remain rather sellers
On the spot Bitcoin ETF side, we also continue to see several days of net outflows. The amounts remain relatively limited, but the dynamics of the last sessions are clearly not as aggressive in purchasing as that which we had experienced previously.
This isn’t necessarily an extremely bearish signal on its own, but with Bitcoin stuck in its range, the lack of strong institutional buying pressure isn’t really helping the market break through the $80,000-$82,000 zone.
A week that can become much more volatile
However, the situation could change very quickly this week with the decisions of the American Federal Reserve. The Fed meeting is expected to be one of the main catalysts for the market and can cause a sharp rise in volatility.
For the moment, I am not convinced that the Fed will cut rates at this meeting. The latest US employment figures were relatively solid, which further gives the Fed arguments not to rush into a rate cut.
Obviously, the market may have a different reading, and that is precisely why I expect more volatility around the announcement
For now, no need to complicate things: the market is sideways, I buy the low areas, I sell the high areas and I wait for Bitcoin to finally show us in which direction it wants to go.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
