Bitcoin Analysis 🟠
Bitcoin has once again failed to break through the resistance level of 117,500, indicating weakness on the chart. However, this does not necessarily imply a confirmed bearish trend.
Currently, the price hovers around the level of 116,200, and despite the decline in market sentiment following the recent interest rate cut - where most cryptocurrencies have not achieved significant gains - the upward trajectory remains intact. This correction may also be related to the American market holiday on Monday, which slowed trading activity.
It is important to note that by the end of this month, Bitcoin must break through the level of 117,500 to confirm further upward momentum. Until then, the market remains unstable, heavily influenced by negative economic news from the US and Japan, which hinders cryptocurrencies from catching up with global markets.
Nevertheless, a rise seems inevitable, and the level of 116,200 appears to be a good entry point for buyers preparing for the next upward move.
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