Bitcoin futures are trading at 89,430, a slight decrease of 0.03% from the previous day, as the market awaits the U.S. jobs report. The price action is currently within a 28.5% correction from the all-time high of 110,150, with a recent low of 78,675.

Key liquidity zones are identified at 88,500 and 91,000, with resistance at 90,300 and 90,865 – 91,000. Support levels are at 88,665 and 88,500, and crossing below 86,880 may indicate weakening buyer control.

Volume Profile Insights

Volume profile highlights areas of high trading activity, establishing the market’s accepted price levels, while VWAP offers a fair value benchmark. Trading strategies should consider taking partial profits to mitigate risks.

The market may remain range-bound until a catalyst drives movement. A breach of 91,000 could lead to higher targets of 93,175 and 95,000, while a drop below 88,000 risks moving towards lower liquidity zones.

With Bitcoin futures holding steady near 89,430, the market remains cautious in anticipation of the U.S. jobs report, a known trigger for volatility. The ongoing 28.5% correction from the all-time high suggests a recalibration, with the recent low of 78,675 serving as a reference point for sentiment. Current price movement suggests a phase where traders seek confirmation before committing to stronger directional moves.

Observation of liquidity zones around 88,500 and 91,000 suggests where sizeable transaction clusters have formed. Resistance remains evident between 90,300 and the upper bound of 91,000, presenting challenges to upward movement. However, support structures at 88,665 and 88,500 indicate areas where buyers have defended price levels. Should price action dip under 86,880, it would be reasonable to interpret weakening demand, potentially opening the door for sellers to exert control.

Potential Market Movement

Volume profile data highlights where activity has concentrated, offering insight into areas where positions have been built and defended. With VWAP acting as a gauge for fair value, deviations from these accepted levels could present opportunities or signal dislocations between price and market positioning. Managing exposure by taking partial profits remains an effective tactic, helping to improve flexibility while controlling downside risk.

With no immediate catalyst, price may continue consolidating within its current boundaries. Yet, a decisive break beyond 91,000 could shift focus towards 93,175 and 95,000, where previous transaction activity provides reference points. Conversely, should pressure intensify below 88,000, deeper liquidity pockets may come into play, drawing attention to levels previously tested during the broader correction.

Create your live VT Markets account and start trading now.