Bitcoin Quick Update Today | #171st Update

Good Morning, traders! I hope you’re all staying profitable by keeping up with our previous updates, as it’s essential to understand current market conditions and movements.

BTC is currently showing bearish momentum according to the 1-hour chart.

$BTC Bitcoin is now trading at $86,829.

👉 Based on my analysis, a correction down to around 86,000 or even as low as 85,800 could happen in the near term. If support around 85,800 holds, we might see a bounce, with potential upside targets at 88,000 and possibly 90,000.

👉 However, if BTC fails to maintain support at 85,800, we could experience further downside, targeting 85,000, 84,500, and even as low as 83,000.

👉 The double top pattern forming on the 1-hour chart is something to keep an eye on, as it could lead to a bearish reversal if BTC fails to hold its trendline support.

👉 There’s significant activity from whales, with both buying and selling around the 86,000 area, making it a key level to monitor.

👉 BTC recently touched the trendline support. If this support breaks, we may see a retest of the lower levels, while a successful hold of the trendline could potentially push BTC back up toward the 88,000 level and possibly beyond.

According to the 1-hour chart:

1H Chart

📍- Resistance: $90,000

🟢- Support: $85,800

Considering the possible scenarios:

1. If BTC holds the 85,800 level, we might see it climb back up, aiming for 88,000 - 90,000.

2. If BTC fails to hold this level, it could fall to 84,500 - 83,000.

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