Is Bitcoin Heading for a Correction?
The current price action for $BTC
is starting to show signs of exhaustion. While the long-term trend remains a topic of debate, the immediate technicals suggest a period of weakness that could lead to a significant retracement.
Key Price Levels to Watch
If the current momentum holds, it is highly probable that we could see $BTC revisit the $85,000 level in the short term. Traders looking to capitalize on this downward move should keep a close eye on the following parameters:
Short Opportunity: A bearish outlook is supported as long as price remains below key resistance.
Risk Management (Stop Loss): A daily close above $89,000 would invalidate the current bearish thesis. This is the "safety zone" for those holding short positions.
The Bullish Pivot: Should Bitcoin manage to reclaim and close above $89,000, the focus shifts immediately to the $92,000 mark.