Alright, let's talk about Bitcoin, because everyone and their grandma seems to have an opinion right now. So, BTC's sitting pretty at $87.2k, with a market cap of $1.73 trillion. Trillion with a "T"! And, of course, the chat's buzzing with "100k 120k , here we come!" or even higher.
Honestly?
It's starting to sound a bit like wishful thinking. Where's all this extra money supposed to come from? Like, seriously, think about it. We're talking about a massive influx of capital needed to push it that high.
Even Trump, who's been making waves lately, straight up said he doesn't spend USA's taxpayers money and he is right ! Do you know the national DEBT of USA ?? why should he spend money on BTC ??
So, if even someone like him isn't throwing his hat in the ring, you gotta wonder.
Let's be real, previously we mentioned that the current price's feels inflated. Even a $1,000 swing, which is practically pocket change in the crypto world, translates to about a 1% move. That's how big the numbers are now.
Personally, I think a more realistic, dare I say, sane price for Bitcoin would be somewhere around $50k or below. Below that, things get wild, and you see those crazy volatility swings that make people panic-sell. Above $50k, it's like watching paint dry. Low volatility means less exciting trades, and let's face it, if you're not seeing those big percentage jumps, what's the point of trading?
People are getting caught up in the hype, and it's easy to see why. But we need to keep our feet on the ground. "Where's the money?" is a valid question, and one we should all be asking ourselves. Don't let the FOMO cloud your judgment. Just saying, maybe it's time for a reality check on those sky-high price predictions.
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Alright, let's break down the technicals for Bitcoin (BTC) trading around $87.3k, with a focus on the key levels you mentioned.( also please take note that Wave Trend will make a downwards cross soon.... )
Current Situation:
Price: $87.3k
Immediate Resistance: $87.5k
Nearest Support Zone: $81.5k
Technical Analysis:
Resistance at $87.5k:
This level is acting as a significant barrier. Multiple attempts to break above it likely indicate strong selling pressure or profit-taking at this price point.
From a chart perspective, if the price repeatedly fails to close above $87.5k, it strengthens the resistance's validity.
Traders should watch for:
Decreasing volume on attempts to break above $87.5k, which signals weak buying momentum.
Bearish candlestick patterns (e.g., shooting stars, bearish engulfing) forming near this resistance, which suggest a potential reversal.
Support Zone at $81.5k:
This zone is the nearest area where buying pressure is expected to outweigh selling pressure.
A support zone is not always a single line but a range of prices where buyers are willing to step in.
If BTC drops to $81.5k, look for:
Increased volume on the bounce, confirming strong buying interest.
Bullish candlestick patterns (e.g., hammers, bullish engulfing) forming at or near this support.
if the price breaks this support with high volume, it means that the bears have the power, and further drop is expected.
Potential Scenarios:
Bullish Scenario:
If BTC successfully breaks and closes above $87.5k with significant volume, it could signal a continuation of the uptrend.
In this case, traders should look for potential targets above $87.5k, using Fibonacci extensions or previous highs to identify potential resistance levels.
Bearish Scenario:
If BTC fails to break $87.5k and then breaks below $81.5k with high volume, it would indicate a potential trend reversal or a deeper correction.
In this scenario, traders should be cautious and consider potential support levels below $81.5k.
Honestly?
It's starting to sound a bit like wishful thinking. Where's all this extra money supposed to come from? Like, seriously, think about it. We're talking about a massive influx of capital needed to push it that high.
Even Trump, who's been making waves lately, straight up said he doesn't spend USA's taxpayers money and he is right ! Do you know the national DEBT of USA ?? why should he spend money on BTC ??
So, if even someone like him isn't throwing his hat in the ring, you gotta wonder.
Let's be real, previously we mentioned that the current price's feels inflated. Even a $1,000 swing, which is practically pocket change in the crypto world, translates to about a 1% move. That's how big the numbers are now.
Personally, I think a more realistic, dare I say, sane price for Bitcoin would be somewhere around $50k or below. Below that, things get wild, and you see those crazy volatility swings that make people panic-sell. Above $50k, it's like watching paint dry. Low volatility means less exciting trades, and let's face it, if you're not seeing those big percentage jumps, what's the point of trading?
People are getting caught up in the hype, and it's easy to see why. But we need to keep our feet on the ground. "Where's the money?" is a valid question, and one we should all be asking ourselves. Don't let the FOMO cloud your judgment. Just saying, maybe it's time for a reality check on those sky-high price predictions.
////////////
Alright, let's break down the technicals for Bitcoin (BTC) trading around $87.3k, with a focus on the key levels you mentioned.( also please take note that Wave Trend will make a downwards cross soon.... )
Current Situation:
Price: $87.3k
Immediate Resistance: $87.5k
Nearest Support Zone: $81.5k
Technical Analysis:
Resistance at $87.5k:
This level is acting as a significant barrier. Multiple attempts to break above it likely indicate strong selling pressure or profit-taking at this price point.
From a chart perspective, if the price repeatedly fails to close above $87.5k, it strengthens the resistance's validity.
Traders should watch for:
Decreasing volume on attempts to break above $87.5k, which signals weak buying momentum.
Bearish candlestick patterns (e.g., shooting stars, bearish engulfing) forming near this resistance, which suggest a potential reversal.
Support Zone at $81.5k:
This zone is the nearest area where buying pressure is expected to outweigh selling pressure.
A support zone is not always a single line but a range of prices where buyers are willing to step in.
If BTC drops to $81.5k, look for:
Increased volume on the bounce, confirming strong buying interest.
Bullish candlestick patterns (e.g., hammers, bullish engulfing) forming at or near this support.
if the price breaks this support with high volume, it means that the bears have the power, and further drop is expected.
Potential Scenarios:
Bullish Scenario:
If BTC successfully breaks and closes above $87.5k with significant volume, it could signal a continuation of the uptrend.
In this case, traders should look for potential targets above $87.5k, using Fibonacci extensions or previous highs to identify potential resistance levels.
Bearish Scenario:
If BTC fails to break $87.5k and then breaks below $81.5k with high volume, it would indicate a potential trend reversal or a deeper correction.
In this scenario, traders should be cautious and consider potential support levels below $81.5k.
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.