Current Market Overview
Bitcoin remains in a critical zone, trading above the crucial $69K support level, which acts as the key bull-bear pivot. Despite this, the price is still struggling below resistance, making it unclear whether a confirmed low has formed.
Recently, Bitcoin filled the CME Gap, which had remained partially unfilled since late February. While this is a notable technical event, it doesn’t immediately signal a bullish reversal. The market remains in a wait-and-see mode, with traders closely watching for confirmation.
Stock Market Influence & Trading Strategies
The stock market opened positively but has since moved into sell-off mode. This correlates with Bitcoin’s uncertain structure, as both markets lack a clear reversal confirmation.For traders, this presents two potential strategies:
- 1. Gradual Accumulation – Buying in small increments during the decline while carefully managing stop-loss levels
- .2. Waiting for Confirmation – Being patient until a clear reversal pattern emerges, then buying on a pullback for a more aggressive entry.
Technical Indicators & On-Chain Signals
Relative Strength Index (RSI): A bullish divergence is forming—Bitcoin is making lower lows, while RSI is making higher lows. However, this divergence requires price confirmation before turning into a valid bullish signal.Descending Broadening Wedge: This pattern suggests that an upside breakout could push Bitcoin towards key resistance levels at $100K, with a further potential move to $130K if momentum builds.
Short-Term Bitcoin Outlook
Bitcoin is slowly moving higher, but the price action remains choppy, lacking the impulsive strength needed for a confirmed uptrend. Key technical levels to watch:Break above $87K – This would confirm a third-wave rally.Golden Ratio Level Breakout – Essential for bullish momentum.Critical Support at $79.2K – A drop below this could indicate a move towards new lows.
Ethereum & Broader Crypto Market
Ethereum’s structure mirrors Bitcoin’s, with another potential wave 5 low forming before a stronger rally. A break below $79.2K in BTC could signal further downside for ETH and other altcoins.
Final Thoughts
Bitcoin remains in a critical decision zone, and while some indicators suggest potential upside, confirmation is key. Traders should stay cautious, manage risk effectively, and look for clear reversal signals before committing to aggressive positions.For more updates, market insights, and trading strategies, stay tuned to CoinMarketAAP. Don’t forget to like, comment, and subscribe for real-time crypto analysis!