Bitcoin Erases Weekly Gains

Monday has brought significant turbulence to the cryptocurrency market, with Bitcoin leading the charge in a sharp correction. In a swift move, Bitcoin has erased all of last week’s gains, underscoring the market’s volatile nature. Despite the dramatic sell-off, this correction has helped establish two critical long-term levels for Bitcoin: a yellow resistance around $108,000 and a blue support near $91,000.

This latest move suggests that Bitcoin may remain range-bound between these two levels for the foreseeable future. With the confirmation of these boundaries, the broader outlook for Bitcoin becomes clearer. A break above the yellow resistance would signal renewed bullish momentum and a strong buy signal, while a break below the blue support would indicate bearish sentiment and likely open the door to further downside.

In the short term, Bitcoin seems poised to continue its decline, potentially dropping all the way to the blue support at $91,000. This reinforces the idea that the correction is not yet over, and traders should remain cautious as the market searches for stability within this sideways range.

As the week unfolds, all eyes will be on how Bitcoin interacts with these critical levels. A bounce from support could stabilize the market, but a sustained break in either direction will set the tone for Bitcoin’s next major move

Source: https://www.axiory.com/analytics/technical-analysis/bitcoin-erases-weekly-gains