let’s start week 5 BTC Bitcoin analysis. In terms of economic data, the coming week is one of the busiest. This week also includes the British interest rate meeting and Mr. Powell’s conference, both of which potentially influence the direction of the crypto market.
However, from a technical standpoint and based on Onchain data, our week 5 BTC Bitcoin analysis is the same as last week’s, and we predict BTC to correct to $20,000. Last week’s divergences in the Bitcoin RSI indicator are still present. Because these zones are so risky for Bitcoin, the market maker opted to stophunt in order to liquidate the short positions.
As a result, while taking short trades, make sure to set a loss limit.