In-depth Technical Analysis BTC/USDT:
The Bitcoin market remains in a delicate situation, with a technical setup still underwater following a series of bad news that have impacted the entire crypto ecosystem. Currently, the price is testing a key support level once again, but it is important to stay calm.
1. Critical Support Zone: As observed, BTC has bounced multiple times off this support zone around 60,000 USDT. This zone remains crucial, and the bulls seem to be defending this level to avoid a deeper capitulation. A breakdown here could send the price towards the liquidation zone near 50,000 USDT, as indicated by the Stop Loss/POC levels.
2. Macroeconomic Factors: Inflation and unemployment numbers at 2:30 PM today are key events to watch closely. The market could react violently in both directions, with extreme volatility. If the results are better than expected, we could witness a quick rally, possibly initiating a bullish move towards the 70,000 USDT zone (point 2). On the other hand, poor numbers could confirm a short-term bearish trend.
3. Bullish Perspective: If the price manages to break above the resistance at 65,000 USDT (neckline of the W Bottom), it could trigger a powerful bullish movement with potential up to the ATH of 73,000 USDT (point 3). This technical setup would be confirmed by increasing volume and the absence of negative news in the ecosystem.
Summary:
Keep a close eye on the critical support and resistance zones.
The market can react very quickly to economic announcements.
A bullish breakout could push us towards new highs.
Conversely, a support breakdown would lead to a sell-off towards the 50k zone.
This is the time to remain vigilant and adjust your trading strategies accordingly.
