Market Structure & Key Levels
Bitcoin (BTC/USD) has recently faced a significant correction after reaching local highs, now testing a key demand zone. The structure indicates a potential reversal or further downside if support fails.
- Support Zones:
- $73,805 – Currently acting as support; a breakdown could trigger more downside.
- $68,997 – A strong demand area that previously led to a bullish breakout.
- $61,206 – A deeper retracement level and a key zone for long-term buyers.
- Resistance Levels:
- $84,304 – A critical resistance where price may face rejection.
- $93,401 – A major supply zone; breaking above would confirm bullish momentum.
Price Action & Potential Scenario
- BTC is testing $73,800, a key inflection point. A strong bounce could push price toward $84,300, while a breakdown may lead to $69,000 or lower.
- Price recently rejected from local highs, suggesting increased selling pressure.
- A confirmed reclaim of $84,300+ would be a bullish confirmation for another leg up.
Trade Outlook
📈 Bullish Scenario: If BTC holds above $73,800 and breaks $84,300, a rally toward $93,400 could follow.
📉 Bearish Scenario: A breakdown below $73,800 could lead to a retest of $69,000 and possibly $61,200 in a deeper correction.
Conclusion
Bitcoin remains at a key decision point. Holding support could fuel a reversal, while failure to maintain $73,800 may trigger further downside. Watch for price action confirmation before taking positions.
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Disclaimer
This analysis is for informational purposes only and reflects my personal views. It is not financial advice. I am not responsible for any trading or investment decisions you make. Always do your own research and consult a professional before investing.
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.
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.