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BTC/USD Technical Analysis
Overview:
Bitcoin (BTC) remains in a strong uptrend, trading near critical psychological levels. Recent price action indicates potential for further upside, but caution is advised as resistance zones approach.
Key Levels:
Support:
$90,000: A crucial support level aligned with Fibonacci retracement levels and previous consolidation zones.
$85,000: Secondary support, where buyers are likely to step in.
Resistance:
$100,000: A psychological barrier with significant sell pressure anticipated.
$105,000–$110,000: Additional resistance levels if $100,000 is breached.
Technical Insights:
The Relative Strength Index (RSI) is approaching overbought levels, indicating a potential pullback.
Bitcoin remains above its 50-day Moving Average, affirming bullish momentum.
On shorter timeframes, candlestick patterns suggest consolidation before the next major move.
Market Scenarios:
1. Bullish Breakout: A sustained move above $100,000 could pave the way for further gains, targeting $110,000 or higher.
2. Correction: A rejection at resistance may lead to a retracement toward $90,000, where strong support could trigger a rebound.
Outlook:
Bitcoin's upward trajectory aligns with broader market optimism. However, traders should monitor resistance and support levels closely for signs of trend shifts.
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