Bitcoin gets $95K target as 'ugly' BTC price candle spoils breakout
Main Idea
Bitcoin's price faces potential decline to $95K as analysis indicates a 'distribution phase' and rejection at higher levels, with attention on key support zones and macroeconomic data.
Key Points
1. Bitcoin's push to $122,000 was rejected, leading to concerns about a potential drop below $100,000.
2. Wyckoff analysis suggests Bitcoin is in a 'distribution phase,' with a possible decline to the $95,000 zone.
3. Trader Mikybull Crypto described the recent price action as 'ugly,' noting Bitcoin has reentered its previous range.
4. Attention is focused on the CME gap near $117,500, which could act as a support level.
5. Upcoming US CPI data for July is expected to influence market volatility and Bitcoin's price movement.
Description
Bitcoin Wyckoff analysis paints a grim picture for bulls as a "distribution phase" implies that $100,000 support may not be safe.
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