$BTC Update: Breakdown Below the Rising Trendline
#Bitcoin has broken below the rising trendline and slipped out of its recent consolidation range around $84,000-$87,000. The price is currently trading near $83,000, attempting to recover after the breakdown.
In my view, the short-term structure has weakened. The loss of the trendline and range support suggests that sellers are gaining control, although the current bounce could still lead to a recovery if buyers manage to reclaim the broken range.
Key levels to watch:
$84,000-$85,000: Immediate resistance and the zone BTC needs to reclaim to improve its structure.
$81,270: Key support. A daily close below this level could open the way toward $75,644.
$75,644: The next major support if selling pressure continues.could open the way toward 72%
$75,644.
$75,644: The next major support if selling pressure continues.
$66,556: A deeper support level if the broader correction accelerates.
My view is that BTC remains vulnerable to further downside unless it reclaims the broken range. I would watch how price reacts around $81,270, as losing this level could trigger another leg lower.
For now, I'm leaning bearish in the short term, but a strong reclaim of the $84K-$85K zone would challenge this outlook.
The next daily closes will be important
$ETH
$SOL
#BitcoinOptionsVolatilityHitsFiveYearLow
#Bitcoin has broken below the rising trendline and slipped out of its recent consolidation range around $84,000-$87,000. The price is currently trading near $83,000, attempting to recover after the breakdown.
In my view, the short-term structure has weakened. The loss of the trendline and range support suggests that sellers are gaining control, although the current bounce could still lead to a recovery if buyers manage to reclaim the broken range.
Key levels to watch:
$84,000-$85,000: Immediate resistance and the zone BTC needs to reclaim to improve its structure.
$81,270: Key support. A daily close below this level could open the way toward $75,644.
$75,644: The next major support if selling pressure continues.could open the way toward 72%
$75,644.
$75,644: The next major support if selling pressure continues.
$66,556: A deeper support level if the broader correction accelerates.
My view is that BTC remains vulnerable to further downside unless it reclaims the broken range. I would watch how price reacts around $81,270, as losing this level could trigger another leg lower.
For now, I'm leaning bearish in the short term, but a strong reclaim of the $84K-$85K zone would challenge this outlook.
The next daily closes will be important
$ETH
$SOL
#BitcoinOptionsVolatilityHitsFiveYearLow