BTC is recovering from an interim low of 65K. The area of interest is 71,500, but it is too early to talk about a bull market, as the influence of buyers may be short-term within the global downtrend
The main growth factor that emerged on Thursday/Friday was cooling inflation in the US, reducing pressure on the Fed to keep rates high. This brought investors back to risky assets. Will this influence be long-term?
Global and local trends are downward.
Bitcoin is within a neutral range of 71,500 - 65,700. A countertrend movement is forming after a retest of the local low of 65K. Until the structure is broken, a decline to 68,300 - 65,700 should be expected as a primary reaction to the resistance at 71,500. Liquidity capture and the subsequent formation of a false breakout could trigger a local reversal and decline.
Resistance levels: 71,450, 71,850, 73,100
Support levels: 68,370, 65,700
Within the current trading range, it is worth waiting for a retest of the key zone - the area of interest and liquidity 71450 - 71850. The lack of bullish momentum, a false breakout, and consolidation in the selling zone could lead to a sell-off and a decline in price