BITCOIN → Stagnation. A brief overview of the current situation.

BTCUSDT.P is consolidating after breaking through the trend line support. Despite the positive fundamental background and bullish trend, the market is forming a countertrend correction.



The decline in interest rates in the US has had a negative impact on the cryptocurrency market. Can this be called manipulation? Most likely, yes. But the cryptocurrency market needs a constant driver to keep it alive; calm or neutral conditions lead to corrections and retests of intermediate lows...
As for Bitcoin, I have identified several key areas: the boundaries of the current consolidation at 109,850 and 108,575. Accordingly, a breakout and close above or below one of these boundaries could trigger a move in the corresponding direction. But within the local trend, we can expect a decline to the intermediate bottom of 107,400, from which an attempt at growth could form. In addition, an important zone is the conglomerate of resistance at 110K and the ascending support line. If the price can form an upward momentum and close above the trend support, the market may react positively.

Resistance levels: 109,850 - 110K, 111,500
Support levels: 108,500, 107,400

After breaking through the trend support, there is no momentum and the price is consolidating. This suggests that the market does not believe this premise and a battle for the area is forming. If the bulls can hold their ground and bring the price back within the boundaries of the uptrend, then it may be worth looking for a buying opportunity. Otherwise, it is worth waiting for a retest of the intermediate bottom at 107,400 before looking for an opportunity to open long positions.

Best regards, R. Linda!