BTCUSD MARKET NEW UPDATE
BITCOIN/U.S DOLLOR
This is a 3-hour BTC/USD (Bitcoin vs. US Dollar) chart showing a bearish short-term projection after a recent bullish run. Here's a detailed breakdown:
Current Price: $121,482 (+1.97%)
Chart Highlights: Bullish Rally (before July 14):Strong upward momentum with consolidation followed by breakout.
Recent high near $125,000 marks the local top.
Bearish Reversal Zone (Red Box):
Price sharply rejected near $125,000.
Currently hovering around the red resistance zone, showing potential distribution.
Forecast (Dotted Black Path): Suggests a drop from current levels toward: First support at ~$112,240 (red zone).Possibly lower, into the yellow range (~$109,178). Indicates a bearish correction within the highlighted yellow zone, despite previous strength.
Key Levels: 125,028 Resistance Local top & rejection area 121,482 Current Price at time of capture 120,331 Minor Support Near-term reaction point 112,240 Support First major downside target 109,178 Support Key structural level 104,951-102,830 Strong Support Long-term demand zone
Events & Volatility Triggers:
Cluster of U.S. economic events (Jul 15-17) shown at the bottom - likely to increase volatility, particularly around inflation or Fed-related data.
Conclusion:This chart signals a bearish short-term correction for Bitcoin: Target zone: $112,000-$109,000
Catalysts: Overbought rejection + incoming macro data
If support around $109K breaks, next major demand zone is near $103K.
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