Hello Binance Square family! 👋
As we step into June 2025, Bitcoin (BTC) is exhibiting patterns that suggest a potential correction before the next significant move. Let's delve into the current market dynamics and explore what might be on the horizon for BTC.
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📊 Current Market Snapshot
As of May 31, 2025, BTC is trading at approximately $104,773, experiencing a slight decline of 0.8% over the past 24 hours. The intraday high and low stand at $105,701 and $103,289, respectively.
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🔍 Elliott Wave Analysis: Anticipating a Correction
Recent analyses suggest that BTC may be entering a corrective phase, potentially retracing to the $90,000 level before resuming its upward trajectory. This perspective aligns with the Elliott Wave Theory, which posits that markets move in predictable wave patterns driven by investor psychology.
In this scenario, BTC appears to be completing a five-wave impulse pattern, with the anticipated correction representing wave (II). Such a correction is considered healthy, providing a foundation for the next bullish phase.
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⚠️ Key Levels to Monitor
Support Zone: $90,000 – A potential retracement level aligning with the anticipated wave (II) correction.
Resistance Level: $111,000 – The recent peak, marking the completion of wave (I).
Monitoring these levels can help traders identify potential entry and exit points.
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📈 Outlook: Preparing for the Next Move
While a correction to $90,000 may seem bearish in the short term, it's essential to view it within the broader context of market cycles. Such pullbacks often precede significant upward movements, offering opportunities for strategic positioning.
Traders should stay vigilant, monitor key levels, and consider both technical and fundamental factors when making decisions.
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💬 Join the Conversation
What are your thoughts on BTC's current setup? Are you considering entering at the anticipated correction level, or waiting for further confirmation? Share your insights and let's discuss the possibilities together! 💬
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.*