Bitcoin (BTC/USDT) Technical Analysis: Key Support Test and Pote
2025-02-02
Category: None


Key Observations

1. Support & Resistance Levels:

Support Zone (Red Line & Box at ~100,500 - 101,000 USDT):

The price has bounced multiple times from this zone, indicating strong buying pressure.


Resistance Zone (Purple Box at ~105,000 - 106,000 USDT):

The price has faced rejection from this level multiple times.




2. Price Action & Trend:

The chart shows a downtrend leading to a key support zone.

There was a previous rejection from resistance, as marked by the green arrows.

The price is currently testing the support level.



3. Potential Price Scenarios:

Bullish Scenario (Green Arrows):

If the support holds, a rebound towards the resistance (~105,000 - 106,000 USDT) is possible.

A break above this resistance could push BTC toward 108,000 USDT.


Bearish Scenario:

If BTC breaks below support, it could lead to further decline, possibly towards 98,000 USDT or lower.





Conclusion

Key Level to Watch: ~101,000 USDT (Support Zone)

If BTC holds above this level, a bullish rebound is expected.

