Bitcoin is showing early signs of weakness after rejecting the key supply zone between $108,000 - $109,000. Price is currently trading at $105,868, and bulls are struggling to reclaim the highs.
🔵 Key Levels to Watch:
🔹 Resistance: $108,990 (Strong Supply Zone – Multiple Rejections)
🔹 Support 1: $92,160 (Previous Consolidation Range)
🔹 Support 2: $74,241 (High-Volume Demand Zone from March/April Dip)
📉 Bearish Signs:
Price sharply rejected from major supply (marked in blue).
Two red arrows highlight potential downside targets if current support breaks.
A break below $92,160 could accelerate a fall to the $74K demand zone (orange area).
📊 Volume Profile Insight:
Notice how volume thins out between $92K and $80K, suggesting a vacuum that could lead to rapid price movement if BTC loses structure.
⚠️ Outlook:
Bulls need to reclaim and close above $108,000 to resume the uptrend. Until then, any rally may just be a lower high in a potential reversal pattern.
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💬 What’s your outlook for BTC in June and July? Are you buying the dip or waiting for lower levels? Drop your thoughts and let's chart this together! 👇
#Bitcoin #BTCUSD #Crypto #TradingView #PriceAction #SupplyDemand #LuxAlgo
🔵 Key Levels to Watch:
🔹 Resistance: $108,990 (Strong Supply Zone – Multiple Rejections)
🔹 Support 1: $92,160 (Previous Consolidation Range)
🔹 Support 2: $74,241 (High-Volume Demand Zone from March/April Dip)
📉 Bearish Signs:
Price sharply rejected from major supply (marked in blue).
Two red arrows highlight potential downside targets if current support breaks.
A break below $92,160 could accelerate a fall to the $74K demand zone (orange area).
📊 Volume Profile Insight:
Notice how volume thins out between $92K and $80K, suggesting a vacuum that could lead to rapid price movement if BTC loses structure.
⚠️ Outlook:
Bulls need to reclaim and close above $108,000 to resume the uptrend. Until then, any rally may just be a lower high in a potential reversal pattern.
---
💬 What’s your outlook for BTC in June and July? Are you buying the dip or waiting for lower levels? Drop your thoughts and let's chart this together! 👇
#Bitcoin #BTCUSD #Crypto #TradingView #PriceAction #SupplyDemand #LuxAlgo
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