#MarketPullback What a rollercoaster it has been #bitcoin After a truly remarkable recovery, rising more than 50% since April, we saw it brush against a new all-time high, near $112,000. Now, it seems that $BTC is taking a breather, consolidating just below that peak, but beware! It still remains above the crucial mark of $100,000. This stability comes at a somewhat tense moment for the global economy, with rising U.S. bond yields, stubborn inflation, and trade tensions between the United States and China keeping us all on edge.
Performance and correlation against stocks
This is where it gets interesting. Unlike what we saw earlier this year, analysts have noticed a change: $BTC has lagged a bit behind stocks in the last two weeks. Yes, it's true that it initially took the lead when the tariff disputes between the U.S. and China were heating up, but its momentum has been slowing down. The curious thing is that this is happening while major stock indices remain strong. This disassociation tells us something important: the short-term direction of #bitcoin now seems to depend much more on overall market sentiment and capital movements than on its usual dance with stocks.
Analysis, upcoming movements what could we expect from Bitcoin?
In the weekly chart, we see it consolidating between $103,600 and $109,300. The good news is that it comfortably remains above its 34-week Exponential Moving Average (EMA) at $89,922, confirming that, in the long term, the bullish trend remains intact. Although the decline in trading volume could suggest that purchases are not as aggressive, the 'bulls' (those enthusiastic buyers) maintain control as long as $BTC stays above $103,600. A clear breakout above $109,300 could pave the way for new highs, even beyond $115,000. But of course, if it falls below the key support, we could see greater downward pressure!
The future of Bitcoin, friends, is at a truly critical point. If it manages to break that resistance of $112,000, it could regain its strength and lead a new rally that excites us all! But not everything is rosy; a drop below $103,000 could unleash a deeper correction, perhaps taking us to the $95,000 to $100,000 range.
