Bitcoin (BTC) Price and Commentary Analysis
After devaluing within the range I’ve been monitoring, the price dropped to around $40,300, which is the lower level of the range. Currently, it has shown a rebound. In recent days, there has been a significant increase in funding and opened long positions in the market. With today’s decline, approximately $1.7 billion worth of positions have been closed, and fundings have returned to normal levels. On the fundamental side, it is still not possible and accurate to make a definitive comment on the market direction as it awaits the ETF news. Our direction will be shaped according to the upcoming ETF news.
At this stage, I am monitoring the support level at $40,300, followed by $38,800. The resistance levels I am tracking are $43,800, followed by $44,500 and $45,600.
The only advice I can offer to news traders considering entering trades during the announcement is to adjust their leverage carefully due to the expected high volatility.
The analyses shared here are not investment advice; however, they represent support and resistance levels thought to provide short to medium-term trading opportunities in the market. The responsibility for making trades and managing risks lies with the user. It is strongly recommended to use stop-loss orders in the shared trades.
