BTCUSDT is recovering after liquidity was captured in the 100K zone. Locally, the technical situation is controversial despite the global bullish trend.
$BTC Bitcoin is changing its market character (106700) and breaking the bullish structure (103000) during a correction phase. As part of the downward momentum, the movement is testing liquidity below the 100700 support level. As for the liquidation, there are several reasons: the conflict between Trump and Musk, strangely enough, the market reacted with a fall; the liquidation of whales, history repeats itself...
Traders are buying back Bitcoin, but technically the market has a bearish structure. Locally, there is a bearish trend, and a countertrend correction, “liquidity hunting,” is forming.
Ahead lies a fairly important zone of 105900-106700. The initial retest may end in a false breakout, as there may not be enough potential for continued growth (after a strong buyback).
Resistance levels: 105,900, 106,720, 110,400
Support levels: 103000, 101400, 100K
After a correction from 105900, which could target half (0.5) of the trading range, the market may attempt to return to a bullish phase, provided that the bulls keep the price from falling and do not allow it to update local lows. That is, in the short term, I expect a decline from 105900 to 103000, but further, if the price starts to return to 105500-105900, there may be chances for growth to 110K
The price is approaching the zone extremely slowly and in a “consolidated” manner. Most likely, there will be a small correction before an attempt to break through the resistance level of 105,900.
At the moment, I would focus on 106722
However, if Bitcoin corrects to 104 - 103.8 and from there there is momentum towards 105900, then the situation will be relevant in relation to the nearest level.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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#TrumpVsMusk #BigTechStablecoin #MarketPullback