Bitcoin Faces Potential Decline as Wyckoff Analysis Suggests Risks Below $100,000 Support Level
Main Idea
Bitcoin's price is showing signs of weakening momentum, with potential declines to $95,000, as Wyckoff analysis and market indicators suggest a possible distribution phase and downward trend.
Key Points
1. Bitcoin’s price momentum is weakening, risking the $100,000 support level and potentially dropping to $95,000.
2. Wyckoff analysis indicates a possible Distribution Phase, with a subsequent Mark-Down phase potentially driving prices toward $95,000.
3. Traders are closely monitoring the CME gap near $117,500, which could influence future price action.
4. Market volatility is expected ahead of the US Consumer Price Index (CPI) report, which may impact crypto and risk assets.
5. Analysts describe Bitcoin’s recent push beyond $122,000 as 'ugly,' with the price reentering its previous range.
Description
Bitcoin’s price momentum is weakening, indicating that the $100,000 support level may fail, with potential targets dropping to $95,000 according to Wyckoff analysis. Bitcoin price momentum weakness is leading to
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