Hello traders! Here is a clear technical analysis for the BTCUSDT pair based on the current chart structure. Bitcoin has recently completed an extended bearish move within a well-defined descending channel, confirming strong selling pressure during that phase. This bearish structure continued until the price reached a key low, where selling momentum clearly weakened. After the initial upward movement, Bitcoin tested the supply area at 92,700, where a temporary rejection occurred. This interaction resulted in several bounces towards the demand area at 88,000, which corresponds to the previous resistance level that turned into support and the lower boundary of the ascending channel. Each bounce to this demand area was met with buying interest, indicating absorption rather than distribution.
Currently, the price is stabilizing above the demand zone at 88,000, and the retracements are still corrective in nature. Several minor breakouts along the channel support confirm that buyers continue to defend the structure. The market is witnessing consolidation while maintaining an upward trend.
Scenario: As long as the price of the BTCUSDT pair remains above the demand zone at 88,000, the upward trend will remain intact. A strong reaction from this area may lead to another attempt to reach the supply/resistance zone at 92,700. A confirmed breakout and acceptance of the price above 92,700 will open the field for further upward movement within the ascending channel. This bullish scenario will only be invalidated by a decisive break below the demand level. Currently, the trend remains bullish, with buyers in control as long as the price respects the ascending channel. Manage your risks!
