Bitcoin is currently trading at $88,720 (+0.76%), showing signs of exhaustion after a breakout attempt. The price action suggests a fakeout in the reversal area, which could lead to further downside if support fails.
Key Observations:
Fakeout in the Reversal Area: BTC briefly broke above resistance but failed to sustain momentum, indicating potential weakness.
Short-Term Support Zone: If the price holds the recent consolidation area, another attempt at $92,000 could follow.
Bearish Scenario: A break below $87,000 could trigger a deeper correction toward $82,000-$80,000.
Outlook:
Traders should monitor price action near $89,000-$90,000 for a decisive move. If BTC reclaims this level with strong volume, further upside is possible. However, failure to hold current support could accelerate downside momentum.
Key Observations:
Fakeout in the Reversal Area: BTC briefly broke above resistance but failed to sustain momentum, indicating potential weakness.
Short-Term Support Zone: If the price holds the recent consolidation area, another attempt at $92,000 could follow.
Bearish Scenario: A break below $87,000 could trigger a deeper correction toward $82,000-$80,000.
Outlook:
Traders should monitor price action near $89,000-$90,000 for a decisive move. If BTC reclaims this level with strong volume, further upside is possible. However, failure to hold current support could accelerate downside momentum.
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.