BTC Battling Key Range with Support at $95.5K
Bitcoin is currently trading at 95.8k, caught between two significant price levels: 94.5K and 98.8K. The price has bounced off support at 94.5K and is now navigating around the Fibonacci 0.618 golden ratio level at 95.5K, which is acting as support.
The Advanced VWAP (Volume-Weighted Average Price) indicator is highlighting the critical range between 94.5K and 98.8K, showing where market participants are most active and where price may likely face resistance or support.
Bitcoin's hourly chart also recently showed a "death cross" about 31 hours ago, which could signal bearish pressure, but the bounce at 94.5K is providing some support.
Risk Considerations:
Potential Risks: A failure to hold the 94.5K support could signal a deeper correction, potentially down to lower levels. If the price breaks below the 94.5K support the next level could be 91.5k
Volatility: With low volume and the recent death cross, Bitcoin could be subject to sudden price swings. Keep an eye on volume and momentum to gauge strength for either a bullish or bearish continuation.
The Advanced VWAP (Volume-Weighted Average Price) indicator is highlighting the critical range between 94.5K and 98.8K, showing where market participants are most active and where price may likely face resistance or support.
Bitcoin's hourly chart also recently showed a "death cross" about 31 hours ago, which could signal bearish pressure, but the bounce at 94.5K is providing some support.
Risk Considerations:
Potential Risks: A failure to hold the 94.5K support could signal a deeper correction, potentially down to lower levels. If the price breaks below the 94.5K support the next level could be 91.5k
Volatility: With low volume and the recent death cross, Bitcoin could be subject to sudden price swings. Keep an eye on volume and momentum to gauge strength for either a bullish or bearish continuation.
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