Summary
•
consolidates above $86,300 on
amid fading volatility and weakening momentum.
• RSI signals oversold conditions, suggesting potential short-term bounce.
• Late-day rally failed to hold key resistance at $87,000, hinting at bearish control.
• Volume increased sharply during the final 6 hours, confirming bearish sentiment.
• Fibonacci retracement suggests $86,300 as near-term support to watch.
Bitcoin/Tether (BTCUSDT) opened at $86,430.41 at 12:00 ET − 1, reached a high of $87,100.0, a low of $85,314.0, and closed at $87,262.58 at 12:00 ET. Total 24-hour volume was 13,599.67 BTC, with $1.16B notional turnover.
Structure and Key Levels
Price formed a bearish continuation pattern on the 5-minute chart, with a late-day rejection near $87,000.
Fibonacci retracements indicate $86,300 as key near-term support. Resistance at $87,372.42 and $87,643.5 appears untested for now, with potential for a test in the next 24 hours.
Trend and Momentum
The 20- and 50-period moving averages on the 5-minute chart remain in bearish alignment, with price below both. MACD lines flattened near zero, indicating weak momentum. RSI approached oversold territory in the final 3 hours, signaling potential short-term bounce but not a reversal.
Volatility and Volume
Bollinger Bands widened during the late afternoon and evening, reflecting increased volatility. Price remained within the bands, but closed near the lower band, consistent with bearish pressure. Volume spiked sharply during the final 6 hours, particularly in the 13:45–16:45 window, aligning with bearish price action.
Turnover and Divergence
Turnover aligned with key price moves, especially the late-day pullback below $87,000. No major divergence was observed between price and volume, suggesting continuation of the current bearish trend.
Bitcoin may test $86,300 in the next 24 hours, with a potential bounce if it holds. Traders should monitor volatility and volume for signs of a reversal or further breakdown.
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