$BTC is currently in a consolidation phase, trading within a tight range as it reacts to ongoing global macroeconomic uncertainty. The market is showing a neutral to slightly bearish short-term bias, influenced heavily by central bank policies and a general risk-off sentiment.
KEY FACTORS:
• Price Range: BTC is hovering around $89,700, struggling to reclaim the psychological $90,000 mark after failing to sustain upward momentum.
• Macro Pressure: Cautious guidance from the US Federal Reserve and the impending tightening by the Bank of Japan are creating headwinds, reducing appetite for risk assets.
• KEY LEVELS:
• Crucial Resistance: $90,500 - $90,700 – A break above this is needed to signal renewed strength.
• Critical Support: $88,000 - $88,500 – Losing this could open the door for a deeper correction towards $87,500 or lower.
• SENTIMENT: The market remains cautious, with many traders adopting a "wait-and-see" approach ahead of significant economic data and central bank announcements.
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Visualizing the Market:
