An updated technical analysis of Bitcoin (BTC) focusing on support and resistance areas and the expected trend:
📊 Current price
The price of Bitcoin is currently trading around $101,900, after declining from its peak recorded in late May at $112,000.
Will reach $96,000: Target level if the correction continues, based on Fibonacci levels.
📈 Expected trend
Short-term: Bitcoin shows negative signals after failing to break the resistance at $112,000, with the potential to form a "bear flag" pattern that could lead to a decline of over 7%.
Medium-term: If the support at $100,000 is broken, the price may head towards $96,000.
Long-term: If support is maintained at $100,000, Bitcoin may regain its upward momentum, targeting levels of $113,000 and possibly $120,000.
📌 Recommendations for investors
Monitor support levels at $100,000 and $96,000 as potential buying areas.
Pay attention to resistance levels at $106,461 and $108,270 as selling or profit-taking areas.
Use stop-loss orders below key support levels to reduce risks.