Bitcoin Likely to Undergo Pullback Ahead of Next Growth Wave
Bitcoin ($BTC) has reached a critical turning point amid the anticipation of another market rally. In this respect, Bitcoin ($BTC) is displaying the signs of provisional weakness, hinting at a comprehensive correction before resuming a sustainable upside.
As per the data from CryptoRobotics, Bitcoin’s recent price action goes in line with formerly outlined expectations, with a brief breach of a crucial support zone. Additionally, the increased trading volumes amid this move highlighted increasing selling pressure as well as aggressive short-term positioning.
Bitcoin’s Market Structure Signals Potential Correction to $87,800-$86,400 before Further Uptake
In line with the latest market statistics, the current outlook of Bitcoin ($BTC) presents short-term weakness, while market structure hints at a potential dip. Hence, following this correction, Bitcoin ($BTC) will reportedly resume its bullish trajectory. Supporting this idea, irrespective of a rebound into $BTC’s prior range, purchasers have now shown clear dominance.
Particularly, $BTC recently tested the price range of $87,800-$86,400. During the respective move, price provisionally plunged below the respective range, igniting a volume surge and confirming heightened bearish momentum with huge amounts being sold. However, following that, Bitcoin ($BTC) jumped back into the respective zone, with solid volume bar highlights local absorption as well as short-term consolidation.
Amid Heightened Volatility, Likelihood of Continued Pullback Remains Intact
On the other hand, the analysts think that the respective reaction makes no indication of a decisive shift to favor buyers. Rather, it presents balance and hesitation, often witnessed ahead of another impulsive development. Therefore, without sustained purchase pressure, the wider corrective outlook remains intact.
According to CryptoRobotics, Bitcoin is expected to further drop into the $84,000-$82,000 zone before a reversal. Additionally, the $$101,00-$104,000, 94,000-$97,500, $92,000-$93,000, $94,400, and $90,300 are also the spots where volume accumulation is higher. However, amid the increased volatility, the traders need to exercise organized risk management while confirmation-based entries stay critical for navigating the next move of Bitcoin ($BTC).
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