BTCUSDT forming a correction phase after Powell's speech last week. If the price goes beyond the accumulation boundaries, there will be a risk for a strong fall as the price is approaching the panic zone...
Bitcoin is still in high demand, but private traders are going into a phase of profit taking after negative news, while institutional traders are taking advantage of the moment and buying the asset at a cheap price. But it doesn't mean anything.
Fundamentally, Trump gives a big chance to the cryptocurrency market, but after winning the presidential election the excitement starts to fade and then the risk of revaluation increases. If the market does not get what it was promised, a deep correction may occur. Also, the Fed played a negative role last week: slowing down the rate cuts and negative tone about the strategic reserve and reluctance to have BTC on their balance sheet.
Technically, despite the breakout of the ascending channel support, the price is still inside the 99K - 86K consolidation
Resistance levels: 99300, 103600
Support levels: 91780, 86700, 82700
The price is approaching the support. If the market keeps the price in this zone, bitcoin will have a chance to recover to 100K. But, if the fight for 86-84K zone starts, then everything will depend on the general market background, a negative background can provoke a breakdown of strong support and the price will fall into the void zone.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
