The weekly line for $BTC is about to close
After a bearish engulfing pattern, there have been several consecutive doji candles
Note the top divergence at the weekly level
In the short term, the market is basically in a 'continual decline' rhythm.
However, looking at a longer time frame, there is still hope for the next three to six months. Bitcoin ETFs are continuously receiving inflows, and the U.S. attitude towards cryptocurrencies is becoming increasingly friendly. These positive news are supporting the market. According to trend predictions, Bitcoin has a chance to rise to around 150,000 - 200,000 by 2026.
Recently, with the conflict between Israel and Iran, Bitcoin might drop to 100,000 or even lower. Ethereum is also in jeopardy; if the support level at 2,300 dollars cannot hold, it will also dive.
Right now, everyone is in panic. The price of coins rose sharply before, and many are eager to sell and secure their profits. Coupled with the Federal Reserve's interest rate hikes and the situation in the Middle East, no one dares to easily enter the market.
Today during the day, two key resistance levels: around 106,100 and 106,500. If it breaks upwards, look towards around 108,000.
If the price cannot break through around 106,500, consider shorting. There is strong selling pressure at these two levels, and given the current market volatility, if it can't break through, it is likely to decline.
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