💥 On the weekly chart, BTC continues to maintain strong upward momentum, showing that the uptrend is still holding. This reinforces the optimistic sentiment in the market, especially after the recent price increase.
💥 On the H4 frame, the price moved within a large amplitude during the weekend but was still firmly supported at the 88k area, showing that buying pressure was still strong enough to maintain the upward momentum. At the beginning of this morning's session, a new GAP was recorded on the CME floor in the price range of 90.3k - 91.6k. Therefore, it is highly likely that the price will continue to fluctuate sideways around this area to complete the GAP.
💥 If BTC holds the 88k support zone, the uptrend will continue with the target of approaching the important resistance zone of 95k - 96k. However, this is an area with a high density of liquidations and a thick sell wall, so the price is likely to face strong selling pressure, leading to a downward correction. In this case, the price may retreat below 84k before accumulating and bouncing back.
💥 In general, the 88k zone will be an important support level for the market to maintain the uptrend. At the same time, special attention should be paid to the price reaction when it touches the 95k - 96k zone, where a high risk of correction may occur.
#MarketDownturn #BTC☀
