Bitcoin Trend Analysis Today

BTC’s weekly performance remains positive. Keep an eye on fundamentals and the Fed’s rate cut progress. Focus on intraday volume fluctuations. We expect consolidation to continue, signaling the start of a new uptrend on the weekly chart.

The daily chart’s correction to a negative trend after a series of consecutive up days does not signal a reversal; the broader trend remains bullish. The pullbacks on the short-term chart haven’t shown any significant rebounds, indicating support hasn’t yet been established. There’s still room to move downward, awaiting a pullback to confirm support.

The 1-hour chart has seen some changes, with the downward trend potentially weakening. A low divergence pattern is forming. While bullish and bearish traders can generally participate in this period of corrective volatility, it’s best to go long on trend-following pullbacks.

Upper pressure: 115,200-116,200
Lower support: 112,000-111,000