BTCUSDT Market Compression Suggests Move Toward 68,500 Support

Mar 10

Hello traders! Here’s my technical outlook based on the current BTCUSDT (4H) chart structure. Price previously moved within a clearly defined descending channel, where sellers maintained control and the market consistently printed lower highs and lower lows. During this phase, price respected both boundaries of the channel, with multiple reactions from the resistance line and support line confirming the bearish structure. Several breakout attempts occurred near the upper boundary, but momentum remained limited as sellers continued defending the resistance area. Eventually, BTC found strong demand near the lower boundary and reversed upward, starting a recovery phase. Momentum strengthened after price broke above the internal structure and moved toward the key Buyer Zone around 68,500. This level previously acted as resistance but later turned into support after a confirmed breakout and retest, signaling a shift in short-term structure. Following this move, BTC pushed higher into the Seller Zone near 71,400, where strong resistance caused another rejection. Currently, price is trading near the upper boundary of this compression while also interacting with the previously broken Buyer Zone, which now acts as a key support level. This zone represents a critical decision point where the market may determine the next directional move. My primary scenario remains cautiously bearish in the short term while price holds below the descending resistance line and inside the Seller Zone. A rejection from this area could trigger a pullback toward the 68,500 support level (TP1), which aligns with the Buyer Zone and the lower boundary of the current structure. This level represents the next key demand area where buyers may attempt to defend the market. However, if BTC manages to break above the descending resistance line and secure acceptance above the 71,400 resistance zone, it would signal renewed bullish momentum and open the path for a stronger continuation to the upside. For now, the market remains in a tightening structure where confirmation and careful risk management are essential before entering new positions. Please share this idea with your friends and click Boost 🚀

Mar 11

Trade active

According to our analysis, the price went down to retest support, encountering strong resistance.

Mar 12

Note

We see that Bitcoin is gradually showing lower highs, so we will observe further.

Mar 13

Trade closed: target reached

We see that the buyers' zone at 69K turned out to be quite strong and the price has not yet dropped below this mark. In my opinion, the analysis has worked out a corrective pullback to the support we identified!