$BTC The general trend for Bitcoin and where I see it going..
Monthly: The trend is still a long-term upward one, but we've started to see a loss of momentum after the market caught fire and reached high overbought areas.
Weekly: It's a natural correction within an upward trend, not a crash. This means the market is dropping to catch its breath before continuing.
Daily: Currently, Bitcoin is trading under selling pressure and is close to important support areas. The movement now balances between buyers waiting for the bottom and sellers locking in profits.
Supports and resistances ..
Very strong $101,500 .. $102,200 is an institutional buying area, and if it holds, it will rise again.
- Second support at $98,800 .. breaking $99,400 means a deeper drop and a stronger correction.
First resistance at $105,000 if it breaks through, buying momentum returns.
Strong resistance at $107,200 .. $108,000 here is where people start selling and weaken the rise.
Why did the drop happen? ..
The current drop is not due to one news item, but large funds that had made high profits started to close positions.
The market was in an overbought area (RSI was above 70 for a long time).
Market liquidity decreased with the calm of trading after the upward wave.
Those who entered late were afraid of a slight correction and sold quickly, which amplified the correction.
In short:
A healthy natural drop within an upward trend, not a crash.
🔥 Upward scenario
If BTC holds at $101,500 and goes back above $105,000 .. it will touch $107,000.
And if it breaks $108,000, the road is open to $112,000 easily.
This scenario happens if liquidity returns and buying volume increases at support.
The drop if it breaks $101,500 with a daily close .. it drops directly to $99,000 and here is a golden buying opportunity for those who missed the ride from below.
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Bitcoin now: It's not a time for fear… it's a time to watch if it holds at $101,500 then the game is sweet and the scenario is upward.
$BTC
