Peter Smith
⬤ Bitcoin's trading in a narrow band, with BTCUSDT hovering close to $67,820 - where Friday's CME session wrapped up. Pointed out this looks like typical weekend price action, with candles bunching up around that reference point while volatility takes a breather.
⬤ The chart shows BTC/USDT near $67,924 after trying to break above $68,600 earlier, only to pull back into consolidation. Weekend trading has kept price bouncing around the CME close line, while the RSI divergence indicator reads around 46 - showing momentum that's neither hot nor cold. There's also a demand zone below in the mid-$65,000 to low-$66,000 range, which could catch any dips if liquidity stays thin.
⬤ "The market remains range-bound as traders watch for direction when CME futures reopen," according to the analysis, which expects Bitcoin to keep chopping sideways until CME opens, then make a run at $70,000. The outlook maps out an initial push into the $70,000-$72,000 zone before a potential pullback. Interestingly, sentiment's still pretty cautious - many traders are positioned bearish because of Middle East tensions, even though the expectation leans toward an upside move. In this setup, that $67,820 CME close works as a short-term pivot, while $70,000 stays the next big psychological barrier everyone's watching.
⬤ Why does holding near the CME close matter? Because it often becomes a magnet during low-liquidity periods and can set up the next move once futures trading kicks back in. If BTC/USDT stays above $67,820, traders will be watching whether momentum builds enough to test $70,000. But if the range breaks down instead, focus will quickly shift to that demand zone underneath as volatility picks back up with the new week.
Peter Smith
