Macroeconomic headwinds intensify for BTC as Q2 climax with the Binance lawsuit and FOMC meeting in focus.
BTC retreats towards 50% Fib levelA Fibonacci retracement tool was placed between the recent swing high and the swing low . Since hitting a new high of $31k in mid-April, BTC’s price action has been below a trendline resistance line , highlighting the increasing downtrend momentum in Q2.
The golden pocket of 61.8% Fib level has been a crucial support from late March. It has been retested several times but eventually cracked on Monday following the Binance lawsuit. However, sellers could further dent prevailing bullish sentiment if they clear the hurdle at the 50% Fib level . Below it, likely support levels lay at $23.9k and $22k.
But bulls could regain leverage if BTC reclaims the golden 61.8% Fib level . Nevertheless, bulls can only push forward and hit $28.5k if they clear the trendline resistance roadblock. The next key resistance level after $28.5k is $29.8k. Meanwhile, the OBV has remained eerily stagnant since late March, denoting unchanged and limited trading volumes. Similarly, the RSI edged to the lower ranges, highlighting intensified selling pressure.As per Glassnode, the sharp BTC’s drop from $27k to $25k saw the percent of supply in profit decline from 69% to about 62.5%.
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