Over the past seven days, Bitcoin experienced a significant decline, dropping 2,440 pips before finding support around the 78,261 level. This area acted as a key zone of interest due to multiple technical confluences aligning, ultimately halting further downside movement. As a result, we are now witnessing a reaction at this level.
Looking ahead, I anticipate two potential scenarios. Bitcoin could revisit this support level, forming a double-bottom structure before initiating an upward push toward 91,500. Alternatively, it may first rally toward 91,500 before facing a rejection, leading to a corrective move down to approximately 71,500. If this pullback materializes and establishes a strong base, I expect Bitcoin to gain bullish momentum, eventually setting a new all-time high in the coming months.
Daily Chart Total Crypto Cap
There were multiple confluences to see an reaction at 2.6T.
Looking ahead, I anticipate two potential scenarios. Bitcoin could revisit this support level, forming a double-bottom structure before initiating an upward push toward 91,500. Alternatively, it may first rally toward 91,500 before facing a rejection, leading to a corrective move down to approximately 71,500. If this pullback materializes and establishes a strong base, I expect Bitcoin to gain bullish momentum, eventually setting a new all-time high in the coming months.
Daily Chart Total Crypto Cap
There were multiple confluences to see an reaction at 2.6T.
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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.