Bitcoin has shown significant weakness after failing to maintain prices above $100,000, with recent price action forming a series of lower highs and lower lows. The current structure suggests bears are in control of the market, with price potentially targeting the marked support zone around $84,000-86,000.
Technical indicators and market sentiment appear to be aligned with this downside scenario, as volume has been increasing on down moves while declining during relief rallies. Should this bearish momentum continue, the highlighted box region could act as a logical target for price discovery, representing a significant retracement from recent highs while still maintaining the overall bullish market structure.
Technical indicators and market sentiment appear to be aligned with this downside scenario, as volume has been increasing on down moves while declining during relief rallies. Should this bearish momentum continue, the highlighted box region could act as a logical target for price discovery, representing a significant retracement from recent highs while still maintaining the overall bullish market structure.
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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.