BTCUSD Long: Compression Near Trend Line, Possible Move to $96K

2 days ago

Hello, traders! BTCUSD continues to move within a broader descending structure, where the price has consistently respected the major downward trend line. Each approach to this trend line has resulted in a new lower high, confirming seller control in the medium-term outlook.

Currently, after the decline, Bitcoin tested the Demand Zone around $89,500, where buyers formed an important pivot point, triggering a noticeable upward impulse. This reaction confirmed strong demand and pushed the price toward the key compression area between the Demand Line and the main descending Trend Line.

My scenario, if buyers maintain pressure and break above the descending trend line, BTCUSD may extend its bullish correction toward the $96,000 supply zone. However, if the demand level fails to hold, this scenario becomes invalid, opening the path toward deeper support levels. Manage your risk!

yesterday

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At the moment, the price is in the so-called consolidation zone, so we are watching and waiting for further manipulations in the market.