14 hours ago
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Bitcoin has cracked $73,000 but remains trapped within a broader range, leaving traders divided on whether the next major move will be higher or lower.
According to prominent analyst Trader Mayne, Bitcoin is currently "diddling in the middle" of its range after sweeping liquidity at the lows and bouncing back toward the midpoint.
The key level to watch is $70,000, which roughly aligns with Monday's high. If Bitcoin holds this level and reclaims the range high, momentum could build for a potential push toward $80,000.
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However, the setup remains uncertain.
Bitcoin is currently trading around a key Fibonacci retracement level, where price often faces rejection.
If the $70,000 level fails to hold, the broader market structure could break down and open the door for further downside.
Because of the unclear risk-reward at this midpoint of the range, Mayne says he is staying on the sidelines rather than entering a long position.
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Beyond crypto markets, Mayne is increasingly focused on macroeconomic risks.
He revealed he is currently shorting the S&P 500, warning that current market behaviour resembles the complacency seen before the COVID-19 market crash in 2020.
He pointed to several warning signs in credit markets, including banks raising credit card limits for subprime borrowers, restrictions on lending and withdrawals in private credit funds, and repeated downward revisions to U.S. job creation data.
These signals, he argues, mirror patterns seen before the Global Financial Crisis, suggesting broader financial stress could eventually spill into risk assets like Bitcoin.
Image: Shutterstock
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