#BTC (4H timeframe):
The total cryptocurrency market capitalization grew by 3.2% in the past 24 hours.
Bitcoin’s dominance decreased by 0.5%.
Bitcoin broke through the significant $97,400 volume level on an upward impulse but reached the lower boundary of the Ascending Channel, which has previously led to price pullbacks. Additionally, the On-Balance Volume (OBV) line has approached its resistance level, signaling a potential local correction.
Possible scenarios:
– The first support level is expected at the 4H EMA 200 around $96,000.
– If the bounce from this level is weak and BTC fails to climb back above $97,400, the price could drop further to the daily EMA 50 at $94,000. From this point, a reversal is likely, with a renewed attack on the channel's lower boundary.
– A return into the channel would confirm bullish strength and allow BTC to continue its upward trend.
BTC is consolidating below the resistance level at $99,000. If another attempt to break through this zone fails, a local market correction remains a likely scenario. Keep an eye on key support levels and how BTC reacts to them.
The total cryptocurrency market capitalization grew by 3.2% in the past 24 hours.
Bitcoin’s dominance decreased by 0.5%.
Bitcoin broke through the significant $97,400 volume level on an upward impulse but reached the lower boundary of the Ascending Channel, which has previously led to price pullbacks. Additionally, the On-Balance Volume (OBV) line has approached its resistance level, signaling a potential local correction.
Possible scenarios:
– The first support level is expected at the 4H EMA 200 around $96,000.
– If the bounce from this level is weak and BTC fails to climb back above $97,400, the price could drop further to the daily EMA 50 at $94,000. From this point, a reversal is likely, with a renewed attack on the channel's lower boundary.
– A return into the channel would confirm bullish strength and allow BTC to continue its upward trend.
BTC is consolidating below the resistance level at $99,000. If another attempt to break through this zone fails, a local market correction remains a likely scenario. Keep an eye on key support levels and how BTC reacts to them.
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