Bitcoin is testing buyers’ patience… and $74,000 has become a decisive zone.
Continuing yesterday’s analysis, what matters now is not just the size of the drop, but BTC’s ability to reclaim the levels it lost. $BTC
Bitcoin fell to around $73,700 during the latest sell-off and is trading near $74,200, according to the technical analysis published this morning.
The levels I’m watching:
- $73,938: First support; a daily close below it would increase pressure.
- $71,835: The next support zone.
- $75,877: The first resistance the price needs to reclaim.
- $77,634: The next resistance; moving above it would improve the technical picture.
There are two scenarios:
If BTC holds $73,938 and reclaims $75,877 on a daily close, we could see an attempt to recover toward $77,634.
But if daily closes continue below the first support, a test of $71,835 becomes a serious possibility, and this scenario should not be ignored.
What concerns me?
The daily RSI is near 34, reflecting weak momentum, while the four-hour indicators remain more negative. Bitcoin’s drop to a new low since August also shows that selling pressure is not insignificant.
For me, I won’t consider any short-term bounce the start of a new upward trend.
Bottom line: $73,938 is the first test, and $75,877 is the gateway Bitcoin needs to break through for the outlook to improve. The market now needs proof, not optimistic predictions.
#Bitcoin #BTC #Crypto #BinanceSquare
Continuing yesterday’s analysis, what matters now is not just the size of the drop, but BTC’s ability to reclaim the levels it lost. $BTC
Bitcoin fell to around $73,700 during the latest sell-off and is trading near $74,200, according to the technical analysis published this morning.
The levels I’m watching:
- $73,938: First support; a daily close below it would increase pressure.
- $71,835: The next support zone.
- $75,877: The first resistance the price needs to reclaim.
- $77,634: The next resistance; moving above it would improve the technical picture.
There are two scenarios:
If BTC holds $73,938 and reclaims $75,877 on a daily close, we could see an attempt to recover toward $77,634.
But if daily closes continue below the first support, a test of $71,835 becomes a serious possibility, and this scenario should not be ignored.
What concerns me?
The daily RSI is near 34, reflecting weak momentum, while the four-hour indicators remain more negative. Bitcoin’s drop to a new low since August also shows that selling pressure is not insignificant.
For me, I won’t consider any short-term bounce the start of a new upward trend.
Bottom line: $73,938 is the first test, and $75,877 is the gateway Bitcoin needs to break through for the outlook to improve. The market now needs proof, not optimistic predictions.
#Bitcoin #BTC #Crypto #BinanceSquare