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#Alert🔴 #BinanceSquareFamily
$BTC 's recent price action has been quite dramatic. After hitting an all-time high of $124,400+, it dropped to $117,400 following the hot US PPI data. The current price is around $117,319, showing a 0.59% decrease.
Given the current market conditions, it's likely that BTC will face some short-term pressure. The PPI data revealed a 3.3% annual headline inflation rate, surpassing expectations and sparking concerns about persistent inflationary pressures. This might limit BTC's upside momentum in the short term.
*Key Levels to Watch:*
- *Support Level:* $112,000 - If BTC maintains support above this level, altcoins could thrive in a consolidation-driven setup. A drop below $112,000 could signal a shift in market structure, potentially triggering corrections toward lower areas of interest between $105,000 and $110,000.
- *Resistance Level:* $120,000 - A decisive close above $120,000 on the four-hour chart could indicate a bullish trend.
*Possible Scenarios:*
- *Sideways Consolidation:* Following an 11% rise over the past 12 days, BTC might enter a period of sideways consolidation.
- *Retest Below $117,000:* The probability of a retest below $117,000 has increased due to a long-term market fractal pattern.
- *Double Top Pattern:* The three-day chart has formed a double top pattern, which could lead to corrections, similar to Q1 2025 when BTC dropped to $75,000.
In the near term, BTC's price action will likely be influenced by the Federal Reserve's decision on interest rates. With a 90.5% probability of a 0.25% rate cut on September 17, BTC might experience some volatility. If it doesn't overcome its current weakness, we could see a drop to $110,000-$112,000 or even $104,000-$107,000....
#MarketTurbulence #HotJulyPPI #btcupdates
BEAR or BULL
$BTC 's recent price action has been quite dramatic. After hitting an all-time high of $124,400+, it dropped to $117,400 following the hot US PPI data. The current price is around $117,319, showing a 0.59% decrease.
Given the current market conditions, it's likely that BTC will face some short-term pressure. The PPI data revealed a 3.3% annual headline inflation rate, surpassing expectations and sparking concerns about persistent inflationary pressures. This might limit BTC's upside momentum in the short term.
*Key Levels to Watch:*
- *Support Level:* $112,000 - If BTC maintains support above this level, altcoins could thrive in a consolidation-driven setup. A drop below $112,000 could signal a shift in market structure, potentially triggering corrections toward lower areas of interest between $105,000 and $110,000.
- *Resistance Level:* $120,000 - A decisive close above $120,000 on the four-hour chart could indicate a bullish trend.
*Possible Scenarios:*
- *Sideways Consolidation:* Following an 11% rise over the past 12 days, BTC might enter a period of sideways consolidation.
- *Retest Below $117,000:* The probability of a retest below $117,000 has increased due to a long-term market fractal pattern.
- *Double Top Pattern:* The three-day chart has formed a double top pattern, which could lead to corrections, similar to Q1 2025 when BTC dropped to $75,000.
In the near term, BTC's price action will likely be influenced by the Federal Reserve's decision on interest rates. With a 90.5% probability of a 0.25% rate cut on September 17, BTC might experience some volatility. If it doesn't overcome its current weakness, we could see a drop to $110,000-$112,000 or even $104,000-$107,000....
#MarketTurbulence #HotJulyPPI #btcupdates
BEAR or BULL
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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