BTC Price Analysis: Bearish Momentum Building Amidst Key Resistance Levels
The 10.08 price point marks a critical threshold, serving as the final resistance level from the previous round at 10.2. During the recent rebound, Bitcoin has already tested this key suppression point, indicating that the trend may have reached its peak resistance.
Key Cycle Insights: Understanding the Retracement Phase
The 10.08 level plays a crucial role as the last defense during Bitcoin's retracement phase, following its previous resistance at 10.2. Despite strong upward movements, as long as this level holds, it suggests that we are still in a retracement period. A definitive break above this point would signal the end of the retracement phase and possibly pave the way for new highs. However, until a solid breakout occurs, the retracement trend remains intact.
Strategic Bearish Positioning for Medium-Term Trades
This morning's price action reinforced the suppression at the top, confirming effective resistance at the 10.08 level. Given this, it's advisable to consider entering bearish positions for the medium to long term. Even if the price pushes past this resistance, the risk of losses remains limited. The 10.08 to 10.05 range is a key area to monitor for potential entry into bearish trades.
Exit Strategy for Bearish Positions
For those entering short positions, it is wise to prepare for potential pullbacks. Target exit points include 9.65 (10-20%), 9.4 (50-60%), and 8.5 (20-30%). The main focus should remain on the 10.2 resistance level. While a break above this threshold is possible, the risk involved in positioning at current levels is minimal, making this a favorable opportunity for those looking to capitalize on the bearish
momentum.
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