#Bitcoin has four key factors, apart from news and market psychology, that have contributed to its drop—something we were expecting. Remember, every drop is a buying opportunity. The market is gathering its fuel to make a big move and explode upward.🚀 So, these days are shopping time😀. Now, let’s go through the four points:
1- CME Gap: Bitcoin had a CME gap between $103,670 and $102,470 that needed to be filled.
2- Bearish Divergence: It showed bearish divergence across most timeframes, which we’ve illustrated on the chart.
3- Weak Buying Power: There hasn’t been strong buying power, and selling volumes have been higher.
4- Bitcoin Dominance: Dominance has made another move toward 59–60%, likely to shake out weak hands and gather bullish fuel for the next rally.
👍On the chart, we’ve identified two potential points where Bitcoin could rebound:
1- Around the 12H MA50: This is roughly at the bottom of the ascending channel and aligns with the horizontal support level at $98,292.61, making it a strong potential reversal point.
2- If the ascending channel breaks: #Bitcoin could drop to retest the 12H MA100, which is near the support zone between $93,010 and $92,310, before moving back up.
💁♂️If Bitcoin reverses upward, the first target is 🎯$110,657, and the second target is 🎯$118,828. For now, we’ll stick to this analysis and see how the market reacts.
🤚Avoid using leveraged trades under any circumstances until the market establishes its direction.