Bitcoin (BTC/USDT) is currently encountering resistance at a horizontal supply zone, following its breakout from the falling wedge pattern. The price action is receiving significant support from both the 50-day and 100-day moving averages, which are positioned below.
If Bitcoin manages to break above the supply zone, this could indicate the potential for a continued upward movement. However, a short-term correction remains a possibility at this level, so it’s essential to keep a close watch on the price action for any signs of a breakout or pullback.