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BITCOIN → False breakout of 110K. Negative background?
BTCUSDT hit a new all-time high of almost 112K on the back of improved economic and fundamental data, but the party didn't last long before Trump's next speech...
BTC
107,214.33
-1.79%
Yesterday, Trump spoke and announced new tariffs on the EU. The markets reacted quite aggressively to this news.
Despite the fact that the market has practically bought back all the losses, the question itself remains open.
The introduction of 50% tariffs on Europe will increase the risk background, which could trigger a fall in both the stock market and cryptocurrencies. In this case, money will flow into gold (a safe asset)...
Technically, Bitcoin is forming a false breakout of the global resistance level of 110K (previous ATH).
The price is reacting and forming a bearish momentum (coinciding with the change in the fundamental background).
The area between 109.8 and 110.3 is a resistance and liquidity zone relative to the previous ATH.
If the bears hold the resistance, Bitcoin may get stuck inside the 110K - 106.8K (105K) range.
Resistance levels: 109.8K, 110.3K, 112K
Support levels: 106.8K, 105K
Accordingly, if the 110K resistance holds amid the correction, consolidation below the resistance will confirm the formation of a false breakout, and in this case, Bitcoin may move to the 110K (112K) - 105K (102K) range.
However, situations change daily, and if Bitcoin does break through 110K and manages to consolidate above its previous ATH, this will be a signal for growth...
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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