$BTC An eight-month high weekly close has become resistance—bearish in the short term?
Bitcoin closed the week at its highest level in eight months, but as soon as U.S. stocks opened on Monday, that level became short-term resistance. Cointelegraph reported the same thing I saw: a rally followed by a pullback, with 86,000 failing to hold.
Looking at the details, the highs of the last four 15-minute candles have been falling: 86,062, 85,994, 85,924, and 85,856. The lows haven't managed to move higher either, and the close fell from 85,865 to 85,766. This isn't a healthy pullback—bullish momentum is fading.
And then there's volume: over the last four hours, volume in the final two hours was 45% higher than in the first two, but the price didn't push higher. Rising volume with a stalled price—that's classic distribution.
The key level now is 85,850. A break below it would put the 85,600 support target in sight. There's stiff resistance at 86,100. Unless the price reclaims and holds above 86,100, I'm staying bearish.
Don't rush to buy the dip. With price action like this, trying to catch a falling knife can hurt. $BTC
Bitcoin closed the week at its highest level in eight months, but as soon as U.S. stocks opened on Monday, that level became short-term resistance. Cointelegraph reported the same thing I saw: a rally followed by a pullback, with 86,000 failing to hold.
Looking at the details, the highs of the last four 15-minute candles have been falling: 86,062, 85,994, 85,924, and 85,856. The lows haven't managed to move higher either, and the close fell from 85,865 to 85,766. This isn't a healthy pullback—bullish momentum is fading.
And then there's volume: over the last four hours, volume in the final two hours was 45% higher than in the first two, but the price didn't push higher. Rising volume with a stalled price—that's classic distribution.
The key level now is 85,850. A break below it would put the 85,600 support target in sight. There's stiff resistance at 86,100. Unless the price reclaims and holds above 86,100, I'm staying bearish.
Don't rush to buy the dip. With price action like this, trying to catch a falling knife can hurt. $BTC
