BTC-“Partial Profit-Taking on Strength Advised”

4-Hour Analysis:

Big Picture: Bitcoin challenged and partially broke over its all-time high for the first time since November 10th, 2021. Overall, yesterday’s session was extremely volatile, with bulls becoming aggressive at first. However, after setting a new All-Time High, price experienced a major round of volatility, with profit-taking quickly transitioning into panic profit-taking which almost wiped out six session gains in a single 4-hourly candle. Price is predicted to be very volatile near the highs. 

On the Upside a vital retest is taking place. Bitcoin has to restore strength above 67,000 in order to relaunch its strong bullish momentum towards prior and recent All-Time Highs. Meanwhile, an active congestion is beginning to build up between 67,000 to 69,000 levels. Price getting sustained strength over 69,000 level leads towards 69,900 initially, followed by 70,250 and 71,350 as next upside targets.  

On the Downside initially, no support level could resist yesterday’s intra-day selling session, which sent the price down by about 12% in only a few hours. After capturing the lower liquidity, not only did the selling stop, but the bulls got an instant hold back at the preceding candle and have since then have made an impressive rebound. Initial support is again around 65,555, followed by 63,400 to 62,950 and 61,000 to 60,400 ranges. Price also mean-reverted to dynamic levels after more than 10 trading sessions.