Bitcoin Market Faces Correction

Bitcoin is currently in a correction phase, which is evident through its sluggish price ascent following an impulsive phase. This lack of momentum suggests the market is stabilizing after significant movement. The price action has formed a pattern of relatively equal highs paired with lower lows, taking the shape of a descending funnel. The last impulsive bearish swing established a key bearish break of structure, pushing the price below the critical swing low at $53,550.0. This downward shift further cements the view that the market is trending bearish.

 

Bitcoin Key Levels:

• Support Zones: $53,550.0, $46,516.0, $38,400.0
• Resistance Zones: $62,233.0, $73,794.0, $100,000.0

What Are the Indicators Saying?

The Williams Percent Range indicator confirmed that the market was oversold during the test of the lower boundary of the descending funnel. Since then, Bitcoin has seen a slight upward correction, but this movement has stalled at the bearish order block near the $62,233.0 level. This resistance has prevented the custom daily candles from breaking above the Smoothed Heikin Ashi candles, keeping the broader bearish trend intact. As the price nears the overbought zone on the Williams Percent Range, it signals that this corrective phase may soon end, with the likelihood of a downward move resuming as bearish momentum returns.

 

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