BTCUSDT

Hello Traders! 👋\n\nWhat are your thoughts on BITCOIN ?\n\nBitcoin is currently trading inside a descending channel on the daily timeframe, indicating that the broader market structure remains bearish in the medium term.\n\nAfter breaking below the major support around $79,000 – $80,000, price entered a corrective phase and is now approaching a key resistance zone that also aligns with important Fibonacci retracement levels.\n\nThe $79,000 – $82,000 area represents a strong resistance zone. This zone previously acted as support and may now serve as resistance.\nAdditionally, this zone aligns closely with the 0.5 Fibonacci retracement level, increasing the probability of a bearish reaction.\n\n Potential Market Scenario\nIf price reaches this zone and shows signs of rejection or weakening bullish momentum, the market may experience a bearish rejection, continuing the broader downtrend within the channel.\n\n Alternative Bullish Scenario (Invalidation)\nIf price manages to break and hold above $82,000 and push above the upper boundary of the descending channel, the bearish outlook would weaken and a potential trend reversal could develop.\n\nAs long as price remains below the supply zone and the upper boundary of the descending channel, the dominant scenario favors a bearish continuation after a pullback into resistance.\n\nPlease don’t forget to like and share your thoughts in the comments! ❤️