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- Bitcoin is trading at $106,463, down 1.13% in 24 hours, with a 16.94% rise in trading volume.
- A 4-hour structure shift points to a bearish trend, suggesting continued downward pressure.
- Market sentiment remains bearish, with consolidation and a potential retest of key price levels.
Bitcoin is currently trading at $106,463, reflecting a decrease of 1.13% over the past 24 hours. The trading volume stands at 16.94%, with an increase of 16.54%. Over the last 7 days, BTC price has increased by 1.14%.
Source: CoinMarketCap
Praevisio highlighted that yesterday, the price of Bitcoin was unable to break above the Value Area High. The inability verified a 4-hour structure shift, indicating a negative perspective in the short term. This move indicates that Bitcoin is likely to remain under downward pressure over the next few days.
Source: X
Potential Downward Momentum
The price action of Bitcoin indicates a sweep of the Monday low following the break of the 4-hour structure. This might be the initial indication of further weakness over subsequent days. Praevisio anticipates the 4-hour supply area to be retested before the price extends further down to the 80/70% Weekly Confidence Target. With the current price, Bitcoin might represent the low of the month, and then the price may go up, which forms the probability of a bounce into July.
The market sentiment is still a bit bearish. Bitcoin has a 36% probability of rising above its weekly high and a 94% chance of establishing a new weekly low if the current high is not broken. This indicates further downward pressure. In the meantime, the probability of attaining the weekly high amounts to 43%, with the probability of additional displacement within the range equaling 100%.
Bitcoin Short Setup Potential
Daan Crypto Trades revealed that Bitcoin is currently consolidating within its established range and channel. The market is not settled, and a new month and a new quarter tend to get choppy. The trend of Bitcoin might not be immediately apparent and may take time before the trend is clear.
Source: X
Traders should observe the New York session for potential short setups. A good short position setup might allow adding to short positions. After confirming the 4-hour structure shift, the rest of the week will likely be bearish. In the next few days, waiting until further market confirmation will prove to be vital in positioning.
The price action of Bitcoin is still confronting the downward momentum. Traders are advised to remain alert and give the market time to show its next action. As important levels are reached, the price of Bitcoin can have potential downside and upward movement.
