Bitcoin is currently in a consolidation phase, moving sideways with no clear breakout direction yet. Here's a quick breakdown of the situation:
Current Market Conditions
Price Action: Range-bound, lacking strong momentum.
Volume: Low, as expected over the weekend. This often leads to false moves or choppy price action.
Sentiment: Cautious; traders are waiting for a catalyst (likely from macro news, ETF flows, or a breakout of key levels).
What to Watch
Support and Resistance:
Support: Likely around $118K–$115K
Resistance: Around $120K–$123K (short-term), and $136K (if momentum picks up)
Volume Spike: A surge in volume, especially during Monday's open or U.S. session, can signal a decisive move.
Market Correlations: Keep an eye on equity markets (like the S&P 500) and macroeconomic updates, as they could influence BTC direction.
Strategy Tips
Avoid overtrading in chop: Let the range resolve.
Watch Monday’s open: Institutional activity may return.
Set alerts near breakout levels: So you’re ready when momentum returns.
