Bitcoin (#BTC) ๐ฐ 4h Time Frame
The news landscape has stabilised โ potential talks between the US ๐บ๐ธ and Iran ๐ฎ๐ท are being considered.
From a technical perspective, the upward move from $68,300 has completed its local correction โ๏ธ; the price is now testing the nearest resistance zone of $70,800โ$71,500.
In the event of a pullback, one might consider opening a long position between $69,400 and $70,200 ๐, with Fibonacci targets at $72,675 and $74,137, or should the price break into the key resistance zone of $73,500โ$74,800.
๐ฅ When opening positions, bear three factors in mind:
โข The entire rebound this week is being driven by heavy selling on the Coinbase exchange (institutional investors are reducing their Bitcoin holdings).
โข Oil prices have risen since February, which will lead to higher inflation from March onwards.
โข According to seasonal statistics for mid-term elections, the last peak before the downturn occurs in April.