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BTC faces crucial support levels amid pullback
BTC is currently navigating key support and resistance levels, with traders watching closely as price action approaches critical points. Let’s explore what’s next for Bitcoin as it battles potential pullbacks and upside targets.
Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
- BTC's Open Interest has pulled back slightly, but it still remains relatively high.
- Price was driven up by Spot buying and Shorts being squeezed, although we've now seen this reset.
- Funding rates are fluctuating but mostly remain flat.
Technical analysis
- As we found out yesterday, price was driven higher by large Spot buyers (Saylor being a big one), and Shorts being squeezed.
- Price has now remained at the bottom of the mid-level of the range at $95,700. The major range we're looking at now is the $91,700 support and the $98,900 horizontal resistance.
- If the $91,700 support is lost, we'd expect $90,000 to be a potential support as it's a psychological level; however, if that's broken, then $86,000 would be the target.
- To the upside, if the price can climb above $95,700, then $98,900 is the upside target.
- The RSI is now just shy of being overbought, with a bearish divergence now also having formed (higher high in price, lower high on the oscillator).
- Next Support: $91,700
- Next Resistance: $95,700
- Direction: Bearish
- Upside Target: $98,900
- Downside Target: $86,000
Cryptonary's take
Price has climbed higher in a really strong manner, although we'd have preferred that this wasn't somewhat due to Saylor bidding. Price is now close to being overbought, whilst putting in a bearish divergence, whilst also butting up into the horizontal resistance of $95,700.It's possible that price goes higher here, with $98,900 the likely complete top (should price go higher), however, we remain cautious here and we're expecting a pull back over the coming week, with a larger pull back coming in the medium term.
Whether the price local tops around $95k or $98k is hard to say, but we do believe a local top is close as the macro environment doesn't support BTC clearing above $100k and heading to all-time highs currently.
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