1-Day Analysis:
Big Picture: Volumes over the weekend for the first half of the year have been the lowest since the beginning of the year 2023. This indicates that activity remains lower during the weekend, and the pattern has continued consistent with expectations. Overall, Bitcoin remains sluggish, and the weekly candle has also closed in a weaker position. Despite being in very oversold territory, the price did not begin any counter movements against the sellers. This is a sign of weakness for the bulls, and if they continue to fail to achieve any sustainable upward momentum, a death-cross formation on the daily time frame is rapidly approaching, which might exert additional pressure on the price.
On the Upside Bulls not only remained below the daily demand zone during the weekend, but they also failed to test it. This range is still valid between 26,350 and 26,690 levels. Buyers are unlikely to be able to initiate anything major to the upside if their strength remains so fragile. Unless and until price reclaims above the major EMAs, momentum is likely to struggle.
On the Downside Since no serious challenge has been mounted by sellers to breach this support level, the support level of 25,820 remains intact. This support, along with 25,630, are the sole levels of support before the weekly support range. These supports, however, are not very robust, but they will resist any partial rounds of selling. The weekly supports remain the bulls’ most important defensive line for the session. This range spans from 25,280 to 24,830 levels.
