BTC/USDT Technical Analysis: Towards a New Rise?
Looking at the chart and data provided for BTC/USDT, several key things stand out:
Price range and important levels
BTC appears to be oscillating between two critical levels:
âą Major support around 54,434.04 USDT, which has already served as a rebound point.
âą Resistance at 64,072.33 USDT, which acts as a temporary ceiling to the current rise.
The current price of 63,230.71 USDT is approaching this resistance, suggesting that if this level is broken, we could see a bullish push.
Consolidation before a new boost?
BTC appears to be in a consolidation phase, with alternating moves in this price zone. Typically, this pattern indicates that the market is taking a breather before a larger move. If BTC manages to break the resistance at 64,072 USDT, a further rally could propel the price towards 76,000 USDT or higher.
Performance indicators
âą 1-year performance: BTC rose 137.59% over the year, showing strong resilience despite volatility.
âą Over 30 days, we note a small increase of 3.26%, reflecting a gradual accumulation.
However, the 90 and 180 day performance remains negative, indicating that BTC has seen a correction after its last high.
Market sentiment
The order book shows seller dominance, with 70.25% of the volume being sell offers. This can be seen as an attempt at short-term profit-taking. But, despite this selling pressure, BTC price remains relatively stable above 60,000 USDT, signaling underlying buying interest that could serve as a catalyst for further upside.
Conclusion: Short-term upside potential?
If BTC manages to break through the resistance at 64,072 USDT, it could trigger a new bullish wave, attracting even more investors. However, a break below the support at 54,434 USDT could signal a deeper correction. The next few sessions will therefore be crucial in determining the market direction.
