BTC is accumulating momentum at high levels
Bitcoin has been in a large downward trend over the past period of time, while the rising trend line shows short-term rebound momentum. The current price is between the two trend lines, indicating that the market has entered a consolidation area, waiting for the choice of a breakthrough direction.
In addition, the red horizontal support line clearly marks the key support area (about $90,000). The rebound after touching this area several times shows that the market bulls have a strong defensive willingness here. However, if the price tests this support again and effectively breaks below it, it may open up further downward space.
Resistance and potential direction
The current price is around $102,546, showing short-term upward momentum, but the high point of about $108,000 in the figure constitutes significant resistance. If this level cannot be broken, the market may weaken again, fall back below the downward trend line, and may touch lower horizontal support (between $94,000 and $90,000).
At the same time, the potential price path is predicted in the figure, indicating that Bitcoin may rebound first and then fall back. Once the price falls below the $92,000 support, there is a high probability that the decline will accelerate.
Technical indicator signal
From the chart trend, the current price is hovering near the important resistance and trend line. The change in trading volume and the breakthrough of the pattern will become the key reference for the future trend. If the upper resistance is broken by large volume, the short-term rebound target may point to $110,000; on the contrary, if it falls below the key support, it may further test the lower range.
Overall, Bitcoin is currently in a volatile area with greater uncertainty, and it is necessary to pay close attention to the direction of the breakthrough. Short-term traders can pay attention to the breakthrough of resistance and support levels, and pay attention to market sentiment and external influences, such as macroeconomic policies, crypto market regulatory dynamics, etc. It is recommended to strictly set stop losses to avoid excessive risks brought by market fluctuations.
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
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t.me/+tU_47UhRKa4yMmRh
✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
✔️Real-time trading guidance
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.