The current $BTC price action feels like a coiled spring. We've been compressing for a while now. Volume has been declining slightly on the pushes, suggesting exhaustion. A strong catalyst, either macro or crypto-specific, could see a significant break in either direction. What's your bias for the direction of the next major move?
I'm leaning bullish on this one. The exhaustion could also be interpreted as accumulation, and the lower volume on pushes might just be the quiet before a larger move. Macro factors seem to be aligning for a risk-on sentiment soon.
Good points about the compression. I'm not so sure about a strong catalyst being the only thing needed. Often, these things just unwind themselves. I'm personally neutral, watching for clear break and retest before committing.
Exhaustion is definitely a concern. We've seen this pattern before where a 'coiled spring' just fizzles out sideways for a while longer. I'd need to see some real conviction in volume on the next move up, otherwise, a downward break seems more probable to clear out some weak hands.