Let’s look at Technicals to find out what’s next for Bitcoin
As mentioned earlier here, Bitcoin is trading in an uptrend channel. Channel resistance is at 10300-10500$, and the support of the channel is at 9200-9500$. Bitmex’s Open interest is currently above 110B$, which suggests a drop soon. The last cycle high was at 10340$, Bitcoin needs to break above 10340$ to make a Higher High price.
We believe, Bitcoin should drop soon after finding resistance at 10300-10500$, and the price could find support at 9200-9500$ after the drop.
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