#Bitcoin is only %2 away from its ATH level.
The price has been trading very close to the ATH resistance level for about 24 hours.
Generally, when we reach a strong resistance, $BTC does not spend much time at the resistance and starts to pull back as sales come in.
Spending a long time at the very bottom of the resistance indicates that the resistance is weakening and may break soon.
As you know, Bitcoin has a high correlation with US stock markets. After Bitcoin reached its ATH, Nasdaq and S&P 500 reached new ATHs 4-5 times.
However, Bitcoin was unable to refresh its ATH during this process. With the declines, most people have already been sidelined. At this point, the probability of a new ATH attempt and breaking the $124k resistance looks extremely high.
After the resistance breakout, we will target the $130-150k range. In possible pullbacks, the first support is at $117k and the second support is at $112k.
I wish everyone a nice weekend and plenty of profits.
The price has been trading very close to the ATH resistance level for about 24 hours.
Generally, when we reach a strong resistance, $BTC does not spend much time at the resistance and starts to pull back as sales come in.
Spending a long time at the very bottom of the resistance indicates that the resistance is weakening and may break soon.
As you know, Bitcoin has a high correlation with US stock markets. After Bitcoin reached its ATH, Nasdaq and S&P 500 reached new ATHs 4-5 times.
However, Bitcoin was unable to refresh its ATH during this process. With the declines, most people have already been sidelined. At this point, the probability of a new ATH attempt and breaking the $124k resistance looks extremely high.
After the resistance breakout, we will target the $130-150k range. In possible pullbacks, the first support is at $117k and the second support is at $112k.
I wish everyone a nice weekend and plenty of profits.