$BTC is currently trading in a short-term downtrend after failing to hold higher levels. Price is hovering near a key support zone, where buyers have previously stepped in. This level is important because a clear break below support could lead to further downside.
On the upside, BTC needs a strong move back above the recent resistance area to shift momentum in favor of the bulls. Until that happens, the market remains cautious and range-bound.
Key Levels
Support: Major demand zone below current price
Resistance: Recent breakdown area
Bias Neutral to bearish until resistance is reclaimed.
Bullish only on a confirmed breakout above resistance.
