Hello Binance Square family! 👋
Bitcoin (BTC) is currently trading at $104,942, experiencing a 0.69% increase over the past 24 hours.
A recent analysis suggests that BTC is holding strong above the psychological $100K mark, maintaining its bullish market structure on the weekly timeframe. However, technical indicators are flashing early signs of a possible short-term correction before another leg up.
🔍 Technical Overview:
Support Zone: The key support level is identified around $89,000, which aligns with a strong demand area and a weekly structure retest.
Resistance Level: The major resistance to watch is near $120,000, a significant weekly supply zone and a psychological level.
Stochastic RSI: Currently overbought at 94+, historically indicating a potential for a healthy retracement before further upside continuation.
Market Structure: BTC remains well above the 200-week EMA, keeping bullish momentum intact. Higher highs and higher lows are still in play, and volume is steady, showing no major distribution at the moment.
📊 Market Sentiment:
Fear & Greed Index: Currently at 64 (Greed), suggesting bullish sentiment is high. However, greed often precedes short-term pullbacks or consolidation.
📌 Outlook:
A short-term correction toward the $89,000–$92,000 zone is likely, as part of a healthy market cycle. If support holds, BTC could rally back up with a mid-term target around $120,000.
✅ Summary:
Bullish structure still intact.
Overbought signal = possible retracement.
Mid-term target: $120K.
💡 Trading Tip: Don’t chase — wait for price to breathe, not break. Let the market come to you. Trade smart, not just hopeful.
Happy trading! 💹
*Disclaimer: This is not financial advice. Always do your own research before making investment decisions.*
