BTCUSDT is in consolidation after the rally stalled due to the exhaustion of the bullish driver. The price updates local lows and starts looking at 100K.
Bitcoin is under pressure after the escalation of conflict in the middle east and after the FOMC speech.
There is also another observation: large companies, politicians, funds and investors have long and aggressively motivate the crowd to buy, verbally confirming that they bought dozens and hundreds of bitcoins at a time for the balance, but bitcoin is standing still and updating lows.
At the same time, various services such as "cryptorank" fix bullish sentiment at the lows. The market either lacks liquidity or something more unpredictable is happening (chart drawing????)
Technically, bitcoin is following the behavior of the SP500 quite strongly, which closes Friday's session quite weak and close to key support, which could trigger a continuation of the decline. Bitcoin won't stay on the sidelines and could also follow the index....
Resistance levels: 104K, 105K, 106K
Support levels: 102K, 100.6K, 97.5K
The price is coming out of the “symmetrical triangle” consolidation breaking the support, thus confirming the bearish mood.
After a small correction after a false breakdown of 102500 the price may again return to storm (retest) the level under market pressure, which will only strengthen expectations of further decline. The target is liquidity 100600 - 100K. From 100K rebound and growth is possible.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
