Bitcoin remains sideways after Monday’s $26,500 retest, a theme that’s plagued the market since the 18th.
The critical level to open up downside targets remains $26,500.
A daily close below exposes the August 2021 to February 2023 range highs at $25,200.
Although Monday’s drop didn’t break key support, it does present another obstacle for BTC bulls.
There’s now a confluence of resistance at $27,700 that Bitcoin bulls will need to clear to target the $28,900 macro resistance.
The last 24 hours have also carved a much smaller range for BTC between $26,860 and $27,180.
We saw a deviation below support recently, which led to a decent intraday pump.
However, the more significant test for bulls is $27,700 resistance to open up $28,900.
I’m still leaning cautiously bearish while Bitcoin is below $28,900 on the higher time frames.
As mentioned in Discord last week, I still have my BTC short at a $28,133 average.
That said, I’m not willing to get aggressive with shorting Bitcoin as long as it’s above $26,500 and $25,200.
