📉 Market Alert: BTC Price Action & Key Indicators
Hey Square Community! Take a look at this weekly chart (1w view).
The market has seen a sharp sell-off, pushing the price down to 86,355.17. This is a -2.98% change in Pakistani Rupees (Rs24,403,971.04).
Key Observations:
Support Breach: The recent red candles have decisively broken below the mid-level support line, which was near the 97,155.47 area.
Moving Averages Crossover (Death Cross on the Horizon?):
The short-term MA(7) is at 104,864.74.
The MA(25) is at 110,784.19.
The long-term MA(99) is at 83,641.26.
The price is currently resting just above the MA(99) at 83,641.26. This level will be the next crucial test for bulls.
24h Low: The low so far is 86,327.16, confirming the intensity of the selling pressure.
What's Next?
If the MA(99) holds (83,641.26): We could see a bounce back towards the previous support (now resistance) at 97,155.47.
If the MA(99) breaks: The next major support visible on the chart is closer to the 74,508.00 level.
What are your thoughts on this movement? Is this a healthy correction or the start of a deeper downtrend?