Bitcoin has faced a notable drop of -8% this week, testing its strength at crucial support levels. After holding the $93,345 zone, it’s still possible that Bitcoin could continue its upward trajectory, with the next major target around $114,785 if the demand area continues to hold strong.
However, if we see further weakness and the price fails to maintain above the $93,345 support, a potential breakdown could lead us to the next demand zone around $68,520.
In summary:
Bullish Scenario: If Bitcoin holds above $93,345, expect a move toward $114,785.
Bearish Scenario: A break below $93,345 could see price action shift towards the next demand area at $68,520.
Keep a close eye on these key levels as we approach a potential turning point in price action.
However, if we see further weakness and the price fails to maintain above the $93,345 support, a potential breakdown could lead us to the next demand zone around $68,520.
In summary:
Bullish Scenario: If Bitcoin holds above $93,345, expect a move toward $114,785.
Bearish Scenario: A break below $93,345 could see price action shift towards the next demand area at $68,520.
Keep a close eye on these key levels as we approach a potential turning point in price action.
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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.
Related publications
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.