BTCUSDT is recovering after liquidity was captured in the 100K zone. Locally, the technical situation is controversial despite the global bullish trend.
Bitcoin is changing its market character (106700) and breaking the bullish structure (103000) during a correction phase. As part of the downward momentum, the movement is testing liquidity below the 100700 support level. As for the liquidation, there are several reasons: the conflict between Trump and Musk, strangely enough, the market reacted with a fall; the liquidation of whales, history repeats itself...
Traders are buying back Bitcoin, but technically the market has a bearish structure. Locally, there is a bearish trend, and a countertrend correction, “liquidity hunting,” is forming.
Ahead lies a fairly important zone of 105900-106700. The initial retest may end in a false breakout, as there may not be enough potential for continued growth (after a strong buyback).
Resistance levels: 105,900, 106,720, 110,400
Support levels: 103000, 101400, 100K
After a correction from 105900, which could target half (0.5) of the trading range, the market may attempt to return to a bullish phase, provided that the bulls keep the price from falling and do not allow it to update local lows. That is, in the short term, I expect a decline from 105900 to 103000, but further, if the price starts to return to 105500-105900, there may be chances for growth to 110K
The price is approaching the zone extremely slowly and in a “consolidated” manner. Most likely, there will be a small correction before an attempt to break through the resistance level of 105,900.
At the moment, I would focus on 106722
However, if Bitcoin corrects to 104 - 103.8 and from there there is momentum towards 105900, then the situation will be relevant in relation to the nearest level.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
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