Bitcoin sharply rejecting preparing for a deeper retracement

16 Okt

Bitcoin recently reached a new all-time high before sharply rejecting from major resistance. The move appears to have taken liquidity from the highs, signalling a potential exhaustion of buyers and an early indication that the market may be preparing for a deeper retracement.

Following the rejection, BTC has entered a short-term consolidation range with a bearish bias. Momentum indicators suggest that the market is currently testing key support levels and may continue trending lower if buying pressure remains weak.

Key Levels to Watch:

A price close above 110K could open the path toward 116K before facing another potential rejection. If Bitcoin fails to close above 110K, a move down toward 102K is likely as the market seeks deeper liquidity and a stronger demand zone.

You may find more details in the chart.
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17 Okt

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