$BTC š Analysis and Forecast (BTC/USDT)
Current Trend:
Bitcoin is currently experiencing a short-term downward trend, with the price falling by -1.52% in the last 24 hours. The candlestick pattern shows a red candle after several green ones, indicating selling pressure at the current level.
Volume Analysis:
24-hour volume is high (10.44K BTC, ~1.11B USDT), signaling strong market activity, but the red volume bar suggests more selling than buying.
Support and Resistance:
ā¢ Immediate Support: ~105,250 USDT (tested today)
ā¢ Next Support: ~103,000 USDT
ā¢ Resistance: ~108,600 USDT and 110,700 USDT (prior swing highs)
Indicators:
ā¢ MA60 is above the current price (~105,808), suggesting bearish momentum.
ā¢ MA(5) and MA(10) are diverging and trending downward.
ā¢ RSI dropped from above 77% to 67.38%, signaling weakening buying strength.
ā¢ Volume spike with a red bar may indicate panic selling or institutional sell-off.
Forecast:
If Bitcoin holds above 105,250, a short-term rebound could occur. However, if this level breaks, BTC may test 103,000 or even lower. Upside potential remains capped below 108,600 unless strong bullish volume returns.
