Bitcoin (BTC) Technical Analysis
Current Situation:
Bitcoin is currently trading within an ascending channel on the 8-hour timeframe. After a brief correction to the green support zone, it has regained momentum and reached the upper boundary of the channel and the supply area.
Analysis:
* Selling Pressure: We're observing increased selling pressure at the channel's ceiling and the supply zone.
* Potential Correction: This pressure could trigger a correction back to the green support zone or the middle of the ascending channel.
* Support and Resistance: The support and demand range is estimated to be between $64,062 and $65,625.
* Upside Potential: If Bitcoin breaks through the supply zone, it may retest the previous major resistance level.
Conclusion:
Traders should be cautious due to the current selling pressure and potential for a correction. However, a break above the supply zone could signal a continuation of the uptrend.
Disclaimer: This is not financial advice. Please conduct your own research before making any trading decisions.
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