Bitcoin Holds Above $121K: Analyzing Potential Continuation or Reversal Scenarios
Main Idea
Bitcoin price is holding above $121K, indicating strong demand and potential for either continuation of the upward trend or a reversal, with key levels to watch for further market movement.
Key Points
1. Bitcoin closed above $121K, signaling buyer strength despite previous exhaustion.
2. Losing $121K could trigger a retest of $118.8K and possibly $112.6K range support.
3. Upper wicks indicate failed follow-through, while lower wicks suggest fresh buying interest.
4. For a bullish scenario, daily closes above $121K and higher lows on retests are key.
5. If sellers regain control, a decisive close below $121K could lead to a retest of $118.8K and potentially $112.6K.
Description
Bitcoin price is currently holding above $121K, indicating strong demand and potential for further upward momentum. Traders are closely watching this level for signs of continuation or reversal. Bitcoin closed
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