Bitcoin (BTC/USDT) analysis on the daily timeframe.

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The price of Bitcoin has undergone a significant downward correction after reaching a historical peak (around 108,000 - 110,000 USDT – At the time of writing).

💪 Resistance:

+ The nearest current resistance zone is the area of 88,000 - 92,000 USDT. This is an old support area that has been broken and may now act as a barrier to the upward movement.

+ If this zone is surpassed, the next resistance level is 99,560 USDT.

+ The strongest resistance zone remains the old peak area of 108,000 - 112,000 USDT.

❇️ Support:

+ The price is showing signs of finding temporary support around the area of 80,000 - 82,000 USDT (based on recent candle lows).

+ A stronger and more important support zone is located in the area of 68,000 - 72,000 USDT. This is a price zone that has seen strong contention in the past before breaking out, so it could be a potential support area if the price continues to decline.

+ Another lower support zone is 64,000 - 68,000 USDT.

🫴 The RSI indicator is currently in the neutral zone (around 45-50), not signaling a clear overbought or oversold condition. This suggests that the market may be in a phase of accumulation or waiting for clearer momentum.

🫴 Bitcoin is in a correction phase and is retesting support levels after a decline from the peak. The short-term trend is not yet clearly defined. It is necessary to observe the price reaction at the current support zone (~80,000-82,000) and the nearby resistance zone (~88,000-92,000). If the price holds the support and surpasses the nearby resistance, a continuation of recovery can be expected. Conversely, if the current support is broken, the price may seek lower support zones mentioned. $BTC #btc