BTCUSDT is trading around 79,250 USDT, having just retraced into the 79,200–79,700 sell zone. This area is significant as it aligns with the upper boundary of a descending channel and a cluster of EMAs; meanwhile, the price structure from the 82,315 peak down to 80,604 continues to show a series of lower highs.
If BTC faces continued rejection below the 79,500–79,700 range, I lean towards a scenario where the price drops to 78,000 and subsequently extends down to 76,500–76,800 USDT. The fact that the price is testing resistance while within a descending channel suggests the current rebound is more of a retest than a trend reversal.
Macro factors also lend slight support to a correction scenario. Brent crude is approaching $100 per barrel, fueling inflation concerns and keeping the probability of a Fed rate hike high; additionally, Reuters notes that Bitcoin remains below 80K amidst cautious "risk-on" sentiment.
The bearish scenario would lose momentum if BTC breaks out of the channel and holds firmly above the 79,700–80,000 level.
Will the sell zone continue to cap BTC, or do the bulls have enough strength to reclaim the 80K mark?
If BTC faces continued rejection below the 79,500–79,700 range, I lean towards a scenario where the price drops to 78,000 and subsequently extends down to 76,500–76,800 USDT. The fact that the price is testing resistance while within a descending channel suggests the current rebound is more of a retest than a trend reversal.
Macro factors also lend slight support to a correction scenario. Brent crude is approaching $100 per barrel, fueling inflation concerns and keeping the probability of a Fed rate hike high; additionally, Reuters notes that Bitcoin remains below 80K amidst cautious "risk-on" sentiment.
The bearish scenario would lose momentum if BTC breaks out of the channel and holds firmly above the 79,700–80,000 level.
Will the sell zone continue to cap BTC, or do the bulls have enough strength to reclaim the 80K mark?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.