⚠️ BITCOIN: CORRECTION OR THE START OF A MAJOR REVERSAL?
BTC is currently trading around 8 3,000 $, down 1.86% over 24 h, after recently breaking above 87,000 $.
In the short term, the signal is clearly more fragile. The 15-minute and 1-hour units show a bearish structure, while the daily chart is still constructive.
👉 In other words: BTC is correcting, but the broader trend has not yet been invalidated.
📉 In the short term
The area 84 009–84 837 $ constitutes an important resistance. A rejection in this region could pave the way toward 79 294 $.
The invalidation point for the bearish scenario is around $85,618.
The 1h RSI is close to 31, indicating an almost oversold situation. A technical rebound is therefore possible, but it’s not, by itself, a buy signal.
⚠️ Open interest increased by 3.34% during the downturn. This shows new positions have been added to the market and could amplify volatility.
📊 But the daily chart tells a different story.
The 20-, 60-, and 120-day moving averages remain upward, around $80,419, $74,085, and $68,860.
The daily RSI stays at 65.13 and the MACD remains positive.
The long-term trend therefore remains bullish, despite the current correction.
🌐 However, the overall crypto market is under pressure: total market cap around $2,833B, down 4.49% over 24 hours.
BTC dominance is around 58.72%, while the Fear & Greed Index remains at 75, in the greed zone.
Here’s what I think 👇
As long as BTC remains below $84,009–$84,837, bounces should be considered with caution.
A reclaim of this zone, backed by volume, could reignite the bullish momentum.
Conversely, a confirmed break of the daily supports would change the scenario much more seriously.
For now: short-term correction, long-term trend still bullish.
It’s up to the market to choose its direction now 📊