Bitcoin is currently hovering around $113,950, posting a minor -0.28% decline on the weekly chart. But the real story is unfolding in the support and resistance areas. ๐๐
๐ผ Resistance Level:
BTC faces a tough barrier near $123,218, where recent price action saw rejection โ signaling strong selling pressure. A decisive breakout above this mark could open the door to a rally targeting $130K+. ๐
๐ฝ Support Level:
Key support lies in the $97,000โ$98,000 range, aligning with the 10-week MA (MA10) and MA5. Holding above this zone could lead to continued consolidation before another leg higher. However, a drop below it may trigger a steeper pullback.
๐ง Technical Snapshot:
EMAs (7, 25, 99) are tightly packed, pointing to market indecision or a potential trend shift.
MACD remains in bullish territory, though momentum is waning slightly.
Volume is steady โ watch for spikes that may hint at larger market moves.
๐ Quick Recap:
Resistance: $123,218
Support: $97,000โ$98,000
Watchlist: Weekly close + volume confirmation
โ ๏ธ Stay alert โ this is a critical zone for Bitcoinโs next major move. Risk management and stop-loss strategies are essential!
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