Hello everyone,

As predicted yesterday, #Bitcoin remains close to the center of the trend channel. And as of today, we have a confirmed Death Cross, which has historically led to price drops.

Therefore, we should proceed with caution now. To help with your decision-making, I will provide some data and information.

The entire cluster of shorts on Binance Perp was completely removed last night. But before that, they shifted their short positions downward, which apparently got triggered. The large long positions between $47,000 - $47,500 remain unchanged.

The spot order books on #Binance have shown no new large buy or sell orders since yesterday.

The Death Cross on the 1D TF was confirmed last night and has always negatively impacted the Bitcoin price in the past.

According to the average Long/Short ratio on Coinanalyze, long positions are currently being closed, also confirmed by a declining funding rate.

I have both a bearish and a bullish scenario based on the data. However, the bearish scenario currently outweighs the bullish one.

Bitcoin will shoot up with force to the $62,700 level and then fall back down. This would liquidate positions at this level and then move back towards lower liquidity at $59,400 and further down towards $52,700. If the bearish momentum is not stopped here, we could see a further decline towards $49,000. By visiting the $62,700 level, we would formally form a Double Top pattern. It is crucial that if we drop back from $62,700, we pass through $60,700 with force.

A bullish scenario would be if we break through the $62,700 level and use the liquidation of the $62,700 shorts as a springboard. In that case, I would expect a price of $65,500.

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