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What are your thoughts on Bitcoin ?
Bitcoin is currently trading around $81,500. After several attempts to move higher, the price faced selling pressure in the $86,000–$87,700 resistance zone. Despite the previous bullish advance, price action has weakened, and Bitcoin has broken below its ascending trendline, suggesting that bullish momentum is fading.
In the short term, we expect Bitcoin to stage a corrective rebound toward the $83,500–$84,430 resistance zone. This area aligns with the 0.5 and 0.618 Fibonacci retracement levels and could act as a significant resistance zone.
As the price returns to this area, we expect a potential rejection and renewed selling pressure as sellers re-enter the market. If selling pressure intensifies, Bitcoin could resume its downward move, initially targeting $77,800, followed by the $75,000 zone.
As long as Bitcoin remains below the resistance zone (marked by the red rectangle), the overall market bias remains bearish, with further downside potential.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
What are your thoughts on Bitcoin ?
Bitcoin is currently trading around $81,500. After several attempts to move higher, the price faced selling pressure in the $86,000–$87,700 resistance zone. Despite the previous bullish advance, price action has weakened, and Bitcoin has broken below its ascending trendline, suggesting that bullish momentum is fading.
In the short term, we expect Bitcoin to stage a corrective rebound toward the $83,500–$84,430 resistance zone. This area aligns with the 0.5 and 0.618 Fibonacci retracement levels and could act as a significant resistance zone.
As the price returns to this area, we expect a potential rejection and renewed selling pressure as sellers re-enter the market. If selling pressure intensifies, Bitcoin could resume its downward move, initially targeting $77,800, followed by the $75,000 zone.
As long as Bitcoin remains below the resistance zone (marked by the red rectangle), the overall market bias remains bearish, with further downside potential.
If you found this analysis helpful, please support it with a like and share your thoughts in the comments! Good luck with your trades!❤️
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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.
✅MY FREE FOREX &CRYPTO SIGNALS TELEGRAM CHANNEL:
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
t.me/+1gFAIO4CJJw3NTU0
✅MY INSTAGRAM:
instagram.com/marketanalaysis
Related publications
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.