Bitcoin's recent decline below $115,000 marks the onset of a corrective phase; however, analysts predict continued growth if key support levels are maintained.
Bitcoin’s Support Levels
According to Master Ananda, Bitcoin is expected to stabilize between $110,000 and $100,000, with $100,000 serving as both a crucial psychological and technical barrier. Intermediate support levels are found at $106,000 and $102,000, corresponding to Fibonacci 0.382 and 0.5 levels.
Resistance at $117,400
The decline in Bitcoin's value followed disheartening U.S. employment figures and uncertainty surrounding newly imposed tariffs. This climate has led to fluctuations in the stock market and increased short-term profit-taking. The $117,400 resistance, where 88,000 BTC are priced, has emerged as a pivotal point for a potential recovery.
Conclusions and Prospects
Key conclusions indicate that Master Ananda maintains a bullish outlook as long as Bitcoin remains above $100,000. A significant buyer wall exists at $107,160, supporting price stability. The resistance at $117,400 is critical for a possible resurgence. The future trajectory of Bitcoin amidst external economic factors continues to be a focus for traders.
Monitoring these support and resistance levels will be essential for understanding Bitcoin’s trajectory over the coming weeks.
