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Bitcoin remains in a broader higher timeframe range, with price respecting major supply and demand zones as opposed to forming a medium-term trend.
The previous impulsive move into the 89.8k–90.6k supply zone was sharply rejected and was followed by a correction pullback into mid-range demand. Since then, the price has recovered from its lows and is consolidating above 88k, which is indicative of responsive buyers and not fatigue sellers.
Fibonacci retracement levels of the most recent impulse reveal price to be trading between the 0.618–0.5 retracement which is normally a decision zone when ranging. Volume has calmed since the sell-off, a telltale sign of subsiding bearish follow-through.
Key levels: Primary resistance/supply: 89.8k– 90.6k Intermediate resistance: ~89.4k Near term support: 87.6k– 88k Range demand: 86.4k–8 6.8k
Market scenarios: While above 87.6k–88k, a rotation back up to range highs (89.5k–90k) is definitely a possibility. If this level is not hold the price may go down to the lower trading range demand near 86.5k.
Bitcoin remains in a broader higher timeframe range, with price respecting major supply and demand zones as opposed to forming a medium-term trend.
The previous impulsive move into the 89.8k–90.6k supply zone was sharply rejected and was followed by a correction pullback into mid-range demand. Since then, the price has recovered from its lows and is consolidating above 88k, which is indicative of responsive buyers and not fatigue sellers.
Fibonacci retracement levels of the most recent impulse reveal price to be trading between the 0.618–0.5 retracement which is normally a decision zone when ranging. Volume has calmed since the sell-off, a telltale sign of subsiding bearish follow-through.
Key levels: Primary resistance/supply: 89.8k– 90.6k Intermediate resistance: ~89.4k Near term support: 87.6k– 88k Range demand: 86.4k–8 6.8k
Market scenarios: While above 87.6k–88k, a rotation back up to range highs (89.5k–90k) is definitely a possibility. If this level is not hold the price may go down to the lower trading range demand near 86.5k.