BTC could test $74,700 support

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• BTC's Open Interest has remained slightly elevated over the last week or so, suggesting there is still some appetite for leverage exposure.
• Funding Rates are subdued and remain tight to 0.00%, with there being a slight negative skew currently, indicating that there is a small lean amongst traders to be Short.

BTC's open interest (by number of coins):

Technical analysis

• Price moved down towards the top of the Green Buy Box, and price bounced from $74,700.
• Price then bounced into a new resistance zone that we have identified between $82,500 and $84,200. In our view, this is now the key level for price to reclaim.
• Price remains in its main downtrend, and we'll be closely watching for a breakout of this main downtrend line.
• In terms of downside, we expect $71,500 to $75,500 to be major support.
• The RSI broke out of its downtrend, and it's put in back-to-back bullish divergences (lower low in price, and higher low on the oscillator), whilst it's also above its moving average. We could see this reflected in helping prices go higher.

• Next Support: $74,700
• Next Resistance: $84,500
• Direction: Neutral/Bullish
• Upside Target: $87,000
• Downside Target: $74,700

Cryptonary's take

In the short term, price action is really hard to call here. If we had to call here, we could see the price pulling back slightly and then maybe moving up into the downtrend line and potentially pushing for a breakout. We've identified this with arrows on the chart.

In terms of accumulating BTC, or playing this move, in all honesty, we're not too confident; it's extremely hard to call considering the whip-sawing price action we've been seeing lately as we constantly get the headline tennis playing out.

In the short term, we have low confidence. But, the game plan will be to accumulate in the Green Buy Box between $63,400 and $75,500, should we see retests, which we expect to see over the coming months.