Btcusd Going Down Today

Bitcoin price has dipped into the weekly imbalance, extending from $59,111 to $53,120, as mentioned in previous FXStreet publications, flashing a buy signal. But investors will likely get cold feet after a 15% crash in the past ten days.

The recent dip into the aforementioned imbalance cleared the collected sell-side liquidity resting around the equal lows of $59,111, allowing sidelined buyers to accumulate. For a recovery rally to kick-start, BTC needs to form a base at around $60,000 and bounce back to the 2021 high of $69,138.