Bitcoin declined after a large number of contracts expired in the CME futures market. Over the past week, the total volume of futures contracts for bitcoin increased by 7% and exceeded 5000 units, which is a new historical maximum. However, despite the correction, the upward potential remains.
Signal to buy Bitcoin (BTC):
There's no point in panicking yet. Buyers need to return to the resistance of 8000, which will build a new wave of growth with the update of the maximum of 8460. Even in the scenario of further bitcoin depreciation, support to the area of 7554 is quite acceptable for opening long positions in the cryptocurrency.
Signal to sell Bitcoin (BTC):
Bears need to keep bitcoin below the resistance of 8000, which will increase the pressure on the cryptocurrency and allow to update the support of 7554, where I recommend fixing the profit. If the growth scenario is above 8000 USD, you can sell bitcoin on a rebound from a maximum of 8460.