Bitcoin (BTC/USDT) Testing Key Support: Breakout or Further Decl
2025-02-01
Category: None


1. Trend & Price Action:

Bitcoin is still moving within an ascending channel (blue zone).

The price recently declined sharply from around 105,000 USDT and is now testing the lower boundary of the channel.

The midline (red dashed line) previously acted as support but is now behaving as resistance.


2. Key Support & Resistance Levels:

Support: 101,000 USDT (lower boundary of the channel).

Resistance: 103,000 USDT (midline resistance).


3. Possible Scenarios:

Bullish Scenario (Blue Path): If Bitcoin holds support at 101,000–102,000, it may attempt a recovery, possibly retesting 103,000.

Bearish Scenario (Red Path): If BTC fails to hold support, a breakdown below 101,000 could lead to further downside pressure.


4. Trading Strategy Considerations:

A break above 103,000 USDT would signal a potential bullish continuation.

A break below 101,000 USDT may indicate a deeper correcti