BITCOIN → False breakout of 110K. Is there negative context?
BTCUSDT reached a new all-time high of almost 112K thanks to improved economic and fundamental data, but the party didn't last long before Trump's next speech...
BTC
108,798.58
+0.39%
Yesterday, Trump spoke and announced new tariffs on the EU. Markets reacted quite aggressively to this news.
Despite the market having almost recovered all losses, the question itself remains open.
The introduction of a 50% tariff on Europe will increase risk, which could trigger a drop in both the stock market and cryptocurrencies. In this case, money will flow into gold (a safe asset)...
Technically, Bitcoin is forming a false breakout of the global resistance level of 110K (previous ATH).
The price is reacting and forming a bearish momentum (coinciding with the change in the fundamental context).
The area between 109.8 and 110.3 is a resistance and liquidity zone in relation to the previous ATH.
If the bears hold the resistance, Bitcoin may get stuck within the range of 110K - 106.8K (105K).
Resistance levels: 109.8K, 110.3K, 112K
Support levels: 106.8K, 105K
Therefore, if the 110K resistance holds amid the correction, consolidation below the resistance will confirm the formation of a false breakout, and in this case, Bitcoin may move to the range of 110K (112K) - 105K (102K).
However, situations change daily, and if Bitcoin breaks 110K and manages to consolidate above its previous ATH, this will be a sign of growth...
Trade at your own risk 👍
Best regards, Cryptocurrency Trading
Stay tuned for more updates.
#TrumpTariffs
