🚨 BITCOIN FUNDAMENTAL UPDATE 🚨
The previous weekly candle closed around 119,094 after printing a new all-time high near 119,500. This week, the market showed strong follow-through early on, again created a new all time high at 123,160 but has started consolidating, hinting at a potential short-term cooldown.
🔹 Current Market Situation
BTC is currently trading around 117958 and continues to trade strongly above all major moving averages including the 20 EMA, 50 EMA, 100 EMA, and 200 EMA. This alignment indicates sustained bullish momentum in the mid to long term.
🔹 Important Technical Point
After cleanly breaking the previous resistance near 113000, BTC spiked aggressively toward 123260 before facing rejection. If BTC holds above the 116000 to 116500 region, bulls could regain control for another potential move toward 120000 and even retest 123500. However, a breakdown below 114500 might open room for a deeper pullback toward 112000 and 109300 key support zones.
🔹 Market Catalyst To Watch
Since tomorrow is Sunday, the market is likely to remain less volatile due to the absence of high-impact economic news. Weekend volume may remain low, so sharp moves are possible in either direction due to thin liquidity.
🔹 What To Expect
As long as BTC stays above 114500, the overall trend remains bullish. Price dips toward the 115500 or 113000 area may act as re-entry zones for buyers. Keep an eye on how price behaves around the 120000 psychological barrier and manage positions cautiously during the low-volume weekend phase.