Bitcoin (BTC) is facing significant resistance in the $95,000–$96,000 zone. Despite multiple attempts to break through, sellers continue to dominate, leading to repeated rejections.
🔹 Price Structure:
BTC is currently forming a rising wedge, a bearish pattern that often signals potential weakness in the market.
The price action within the wedge shows higher lows, but the resistance remains firm, indicating that while bulls are active, their strength is insufficient to break through.
The red-circled area highlights a critical zone where bullish momentum was absorbed by selling pressure.
🔹 Volume Analysis:
The wedge formation is accompanied by decreasing volume, suggesting that buyers are losing momentum.
A strong bullish breakout would typically require increasing volume, which is currently absent.
The Volume Profile reveals thin support levels below the current price, indicating that if BTC drops, the decline could be swift.
🔹 Key Support Levels:
Strong support is evident around the $83,000–$84,000 range, supported by a high-volume node and previous price structure.
Major liquidity lies in this zone, making it a likely pullback target if the rejection persists.
🔹 Conclusion:
A breakdown from the wedge could result in a sharp move toward the $83,000–$84,000 support zone.
Conversely, if BTC manages to break and close above $96,000 with strong volume, it could signal a bullish continuation.
Traders should monitor these levels closely and watch for volume confirmation to gauge the next significant move.