Key Points
- Bitcoin [BTC] fell close to 3% after reaching a high of $69.4k, with potential scenarios indicating a possible dip or rise.
- Bitcoin Dominance and Tether Dominance charts provide clues for the upcoming price movements.
Bitcoin, after climbing to a local high at $69.4k, experienced a drop of nearly 3%.
The Bitcoin dominance and liquidity charts are currently providing insights into the potential future price movements.
Bitcoin’s Performance
Bitcoin [BTC] managed to hit the resistance zone of $69k. Earlier reports suggested that the liquidity pool at this level could potentially attract prices before a possible bearish reversal.
In the last 24 hours, Bitcoin reached $69.4k before falling 2.7% to trade at $67.5k. The metrics earlier this week were bearish in the short term. The trading session on Monday could potentially set the trend for the following week.
Potential Scenarios
AMBCrypto’s analysis of the 7-day look-back period on the liquidation heatmap revealed a cluster of liquidation levels around the $70k and $66.4k levels.
The recent price reversal from the $69k zone has contributed to the liquidity pool around $70k. This makes it a potential price target for Bitcoin on Monday. A move to the $70k area could potentially create hope among bulls before a reversal.
This price bounce could be followed by a dip to the $66.4k level. A move beyond either level could indicate whether the week would be bullish or bearish.
Dominance Chart Insights
The Bitcoin Dominance chart indicated a breakout above the range highs, implying Bitcoin’s superior performance compared to major altcoins. In the event of a market-wide slump, altcoins could be hit harder.
This information could guide traders on what assets to trade based on Monday’s directional clues.
The Tether Dominance chart, which is inversely related to crypto market price movements, could suggest a downward move this week. Traders could keep an eye on Monday’s performance to structure their directional bias.
Over the past month, the movement of USDT.D on Mondays has generally set the tone for the upcoming week.
