Update #BTCUSDT
Bitcoin is currently trading below a significant resistance area right after multiple attempts to break through it, indicating strong selling pressure ranging between $109,000 and $111,000.
The price action has formed several rejection wicks from this area on the three-day timeframe, showing a lack of sustainable upward momentum at this level.
At the same time, Bitcoin still adheres to an overall ascending trendline from its lowest point recorded in August 2024, forming a structure resembling an ascending triangle, which is generally a bullish continuation pattern.
However, until the horizontal resistance is convincingly broken with an expansion in trading volume and a decisive close above the $111,000 level, this situation remains a high-risk consolidation.
Failure to break through this supply area could lead to a deeper correction towards the trendline support ($92,000 - $95,000), where a strong rebound would be crucial to maintain the overall bullish structure.
A breakdown below the trendline would invalidate the pattern and expose BTC to downside risks.
🔥Claim your gift from the pinned post on my page😉