With fears resurging over crashing rate cut odds and no December cuts on the horizon the market sentiment has turned cautious. As always, let's dive into the BTC daily chart for clarity amid the volatility.
Recent Action: Resistance Rejection and Support Bounce 📈
The price rejected a key resistance at $106,500 earlier this week, leading to a sharp pullback that tested the lower support trend line around $101,000. This level held strong, with a daily candle close above it last night, followed by a bounce this morning. This defense offers short-term stability, but the broader direction hinges on the upcoming weekly close.
Outlook: Higher Push or Deeper Correction? 📉
If buyers can maintain above $101,000, we should see a retest and potential break of $106,500, unlocking higher targets as shown in the provided chart. A failure here, however, exposes lower objectives starting at $93,300, with additional downside levels detailed.
What do you think? Can BTC hold support and push higher, or are we more likely to breach the trend line and head lower? Let me know below.
