1. Price Action Analysis
In the 1-hour time frame, Bitcoin price is currently fluctuating between 86,668.21 USDT and 93,265.64 USDT.
After peaking at 93,265.64 USDT, BTC has shown signs of a slight correction.
With small candles showing indecision between buyers and sellers. This could signal that BTC is accumulating around this price level, waiting for a breakout in a certain direction.
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2. Moving Averages (MA)
MA7 (88,044.39) and MA25 (88,825.29) are still above MA99 (87,976.03), confirming the short-term uptrend.
However, MA7 is showing signs of a slight decline, which could be a sign of short-term selling pressure.
If MA7 continues to decline and cuts down to MA25, this could be a warning signal of a price correction.
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3. Trading Volume
Volume increased sharply on previous bullish candles, showing buying interest as prices rose.
However, as BTC approached the resistance level around 93,000 USDT, trading volume gradually decreased, suggesting that buyers were temporarily pausing.
Low volume in the recent downtrend shows that selling pressure is not too strong, and could signal a period of price accumulation before deciding on the next direction.
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4. Order Book and Market Depth
On the order book, there is a large “sell wall” from 89,176.00 USDT and above, creating short-term resistance levels that BTC will need to overcome if it wants to continue growing.
On the support side, the 89,172.89 USDT level has a large number of buy orders, acting as a “buy wall”, helping to keep the price in this area.
If selling pressure increases and buy orders here are not strong enough, the price may continue to fall.
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5. Trade History
Recent large trades at 91,000 USDT indicate selling interest as prices move higher. This could create bearish pressure in the short term, especially if selling volume increases further.
If buy orders continue to increase at lower levels, this will be a sign of support for BTC and could lead to a price recovery.
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6. Potential Reversal Signs
If BTC continues to consolidate around 89,000 USDT with low trading volume, this could signal readiness for another bullish run.
Other indicators like RSI and MACD (if available) will be useful tools to identify overbought or oversold levels, helping to further confirm a reversal signal if it appears.
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SUMMARY
BTC is currently in a short-term uptrend with clear support and resistance levels. The 89,176.00 USDT level is the important resistance to overcome to continue the uptrend.
However, if trading volume continues to decline as BTC corrects, this could be a signal of accumulation in preparation for the next rally.
Investors should be cautious and closely monitor key support/resistance levels, and consider using risk management tools to protect capital.
Every day, Cripto will post similar analysis with different coins. Follow CRIPTO (@caocaoo2211 ) to update technical indicators or interesting information about crypto!
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Note: Crypto markets are highly volatile, and relying on technical analysis does not guarantee results. Please consider and make decisions based on your risk tolerance.
