💫✨️ $BTC Loses Support — Short Term Rebound Before Another Drop?
Bitcoin surprised traders after breaking above $84,000 with strong momentum, only for the rally to reverse quickly as rising oil prices and weakness in U.S. equities pressured risk assets.
Technical Analysis
Bitcoin is now trading below the Support Zone($81,950-$82,960) and near the key $81,600 trading level.
I expect a short-term recovery toward $82,400 and the Cumulative Short Liquidation Leverage($82,580-$83,040).
However, if the rebound develops with weak momentum, renewed selling pressure could push Bitcoin lower toward $81,030 and the Cumulative Long Liquidation Leverage($80,960-$81,400).
Stop Loss(SL): $83,400(Worst)
Oil and U.S. equities remain important drivers of Bitcoin’s short-term direction.
Can Bitcoin recover toward $83,000 first, or will sellers push it below $80,000?
If you found this analysis useful, follow for more.
$BTC
$ZEC
Bitcoin surprised traders after breaking above $84,000 with strong momentum, only for the rally to reverse quickly as rising oil prices and weakness in U.S. equities pressured risk assets.
Technical Analysis
Bitcoin is now trading below the Support Zone($81,950-$82,960) and near the key $81,600 trading level.
I expect a short-term recovery toward $82,400 and the Cumulative Short Liquidation Leverage($82,580-$83,040).
However, if the rebound develops with weak momentum, renewed selling pressure could push Bitcoin lower toward $81,030 and the Cumulative Long Liquidation Leverage($80,960-$81,400).
Stop Loss(SL): $83,400(Worst)
Oil and U.S. equities remain important drivers of Bitcoin’s short-term direction.
Can Bitcoin recover toward $83,000 first, or will sellers push it below $80,000?
If you found this analysis useful, follow for more.
$BTC
$ZEC