As previously analyzed, BTC has been dumping rather heavily following the breaking of the blue trendline.
Trump's tariff war is taking its toll on US stock market and also the crypto market. Investors are afraid of a possible recession in 2025 so they are selling heavily in both markets.
we can define two possible scenarios for BTC for the upcoming weeks. One scenario is that the drop from 110,000 level is actually the retest of the previous ATH zone (73,000 zone). In this scenario BTC can even touch 69,000 zone as well but later forms a trading range and after touching the long term ascending trendline, can start another upward move to hit new ATH levels.
The other scenario is that upon reaching the 73,000 zone, BTC will have a temporary reaction but later sell pressure adds up and it falls below the support zone and breaks the long term trendline and activates much lower targets such as 50,000 zone and 39,000 zone. (falling below 66,000 zone will probably activates the bearish scenario)
Trump's tariff war is taking its toll on US stock market and also the crypto market. Investors are afraid of a possible recession in 2025 so they are selling heavily in both markets.
we can define two possible scenarios for BTC for the upcoming weeks. One scenario is that the drop from 110,000 level is actually the retest of the previous ATH zone (73,000 zone). In this scenario BTC can even touch 69,000 zone as well but later forms a trading range and after touching the long term ascending trendline, can start another upward move to hit new ATH levels.
The other scenario is that upon reaching the 73,000 zone, BTC will have a temporary reaction but later sell pressure adds up and it falls below the support zone and breaks the long term trendline and activates much lower targets such as 50,000 zone and 39,000 zone. (falling below 66,000 zone will probably activates the bearish scenario)
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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.