Bitcoin forecast: Maintains resolute stance and remains in prolonged consolidation close below new record high

In lengthy consolidation after last week's new record high of 93.5K, Bitcoin maintains a steady tone and maintains a handle of approximately 90,000.

With greater activity seen in the last four days, after three straight long-legged Doji candles, there were limited declines confined above 85K.

The present sideways pattern indicates that greater bulls are expected to return after protracted consolidation, and the attitude remains positive as it rides the Trump trade waves.

With the Federal Reserve potentially slowing the speed and scale of rate reduction in response to rising US inflation, the bullish prognosis for Bitcoin as a hedge against inflation and a safe-haven asset in a deteriorating geopolitical environment has only grown.

After last week's activity rose to 93.5K but failed to finish above 90K, greater bulls are ready to reclaim complete control when bulls require a weekly close above 90K.

Protect the psychological 100,000 barrier by breaking over the 93.5K top and revealing objectives at 95,000 (round number) and 95648 (Fibo 150% estimate).

90K is the first level of support, followed by today's low at 88685 and the rising 10DMA at 87373.


Responses: 93539, 95000, 95648, and 96000.

Supported: 90000, 88685, 87373, and 85132

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