Bitcoin's Price Dance: Bearish Swings Ahead

Bitcoin's price movement this week is a topic of keen interest among cryptocurrency enthusiasts and investors alike. After a period of reduced trading volume and volatility, Bitcoin has been trading within a tight range, with the $95.5k support level holding firm. However, the 4-hour swing structure of Bitcoin is bearish, indicating a potential move lower in the near term.

The 4-hour RSI has dropped below neutral 50, suggesting a shift in momentum. The swing market structure on this timeframe is bearish, with the $98k-$99k zone acting as a strong resistance over the past two weeks. The low trading volume over the past few days has resulted in the On-Balance Volume (OBV) barely moving, indicating a lack of conviction in the recent price movement.

The 1-week liquidation heatmap highlights the $94k area as a strong magnetic zone, suggesting that the price could find support at this level. To the north, the local highs at $99k also present a liquidity pocket of note. The short-term bearish momentum could take the BTC price to $94k before rebounding to the next magnetic zone at $99k.

The 24-hour chart supports this idea, with the price more likely to visit the $95.2k level, which is the closest area of significant liquidation levels, rather than the $97.8k level. This minor dip lower could pave the way for a move to $94k and a rebound, and would be the expectation for Bitcoin's price movement this week.