Bitcoin recently hit a new ATH at 108k but experienced a sharp drop after Jerome Powell's speech, where he stated the Fed cannot hold Bitcoin and has no plans to change that stance. This created uncertainty, leading BTC to decline significantly before rebounding near the 100k level.

Key Levels to Watch:

Critical Support at 91k: This area has proven resilient, with buyers stepping in to defend the uptrend. Another test of this zone could offer a potential rebound opportunity.

Monthly Candle Close at 96k: A close above this level would confirm the bullish trend and signal potential for further price appreciation.

Scenarios for Next Week:

1. Support Test at 91k: A bounce from this level could spark a reversal toward 100k or higher.

2. Break Below 91k: Failure to hold support could lead to further downside, with the next major support zone significantly lower.

Conclusion

The coming days are pivotal. If Bitcoin holds above 96k for the monthly close, the bullish trend remains intact. However, failure to maintain support could result in increased volatility.

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