Scenario 1: $BTC Bounces From a Key Order Block (Bullish Outlook) ๐
The Bitcoin has recently dipped to a key order block around $94,000-$97,221. This order block may have been formed during previous large buy orders or consolidation periods, where market participants showed strong interest in buying Bitcoin.
If Bitcoinโs price reaches this order block and sees a bounce or a reversal, it suggests that buyers are stepping in and creating a floor at this price level. When Bitcoin tests the order block and doesnโt break below it, the next logical target for bulls would be a higher price level i.e. $99,000-$103,000/-
Scenario 2: $BTC Breaks Down Through a Key Order Block (Bearish Outlook) ๐ป
On the flip side, if Bitcoin breaks down below a key order block $94,000-$97,221, it could trigger a bearish move. A breakdown through the order block would signal that the buying interest at this price level has dissipated, and sellers have taken control. This could lead to a cascade of sell orders, as traders start to panic or trigger stop losses.
If Bitcoin loses the order block $94,000-$97,221, the next support level could be around $90,791 โ a previous low or a potential new order block.
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