BITCOIN - THE FALL CONTINUESSymbol - BTCUSDT
CMP - 86200
Bitcoin is currently in a sell zone. Despite Trump's comments on the Federal Reserve and the recent Crypto Summit, these events have not had a substantial impact on the cryptocurrency market, aside from triggering a global disruption and liquidation.
So far, the market has failed to exhibit a clear bullish catalyst. Trump's statements regarding the policies related to tariffs led to a global shakeup, resulting in market liquidation. Additionally, the Crypto Summit held yesterday was unable to reverse the negative momentum, preventing the market from entering a positive phase.
From a technical perspective, global growth has temporarily stalled, and Bitcoin is now entering a significant correction phase, with 73K remaining the primary target. The market is in dire need of liquidity, as sustainable growth cannot be achieved at the expense of buyers or solely through perpetual bullish leverage.
Currently, the price is moving within a range of 90K to 82K after exiting the global consolidation phase. A false break above the 91K resistance, which had served as support during the consolidation, has resulted in a decline, potentially continuing to the 82K and 73K levels.
Resistance Levels: 89400, 91000, 93000
Support Levels: 82000, 78000, 73000
The critical liquidity zone lies between 73K and 66K. The price action suggests a false break of resistance, with an imbalance of forces favoring the bears. As such, the first potential stop is likely to be around the 82K range, marking the lower boundary of the current range. Moving forward, it is essential to observe the market's reaction to this support level. Should the market consolidate, break down, and then consolidate further below 82K, this could signal a deeper decline toward lower targets.
Despite the favorable fundamental backdrop created by US politicians, who hold considerable influence over the cryptocurrency market, the price continues to fall.
