Bitcoin (
BTCUSDT) is holding strong above the psychological $100K mark, maintaining its bullish market structure on the weekly timeframe. However, technical indicators are flashing early signs of a possible short-term correction before another leg up.🔍 Technical Analysis:
Current price: $105.1K
Key support zone: $89K (strong demand area + weekly structure retest)
Resistance to watch: $120K (major weekly supply zone + psychological level)
Stochastic RSI is currently overbought at 94+, which historically tends to trigger a healthy retracement before further upside continuation.
📊 Market Structure:
BTC remains well above the 200-week EMA, keeping bullish momentum intact
Higher Highs and Higher Lows are still in play
Volume is steady, showing no major distribution at the moment
📈 Sentiment Check:
Fear & Greed Index: 64 (Greed)
→ Suggests bullish sentiment is high
→ Greed often precedes short-term pullbacks or consolidation
🧭 Outlook:
A short-term correction toward the $89K–$92K zone is likely, as part of a healthy market cycle.
If support holds, BTC could rally back up with a mid-term target around $120K.
✅ Summary:
🔵 Bullish structure still intact
⚠️ Overbought signal = possible retracement
🎯 Mid-term target: $120K
🧘♂️ Don’t chase — wait for price to breathe, not break
Let the market come to you. Trade smart, not just hopeful.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.