In his latest daily technical outlook, Cryptowzrd highlighted that Bitcoin closed the day with a gravestone doji, while holding above a critical 0 to the analysis, more bullish candles are needed to sustain momentum and push the price toward the $120,000 resistance, especially as the market contends with ongoing fundamental 1 Support Bitcoin Despite Weak NFP Print Cryptowzrd highlighted that the daily candle of Bitcoin closed indecisively, signaling uncertainty as the market evaluates its next 2 this indecision, BTC remains above the crucial $110,500 level, which continues to serve as a strong support 3 level remains critical in determining whether bullish momentum can be sustained in the short 4 Reading: Bitcoin Battles Key Support: Can September’s Dip Set The Stage For A Q4 Rally?
The analyst noted that Bitcoin has maintained its bullish edge even in the face of a lower-than-expected NFP print, triggered by fundamental 5 development suggests that broader market sentiment is still supportive of BTC, and technical strength is being reinforced by macroeconomic 6 a weekly perspective, traditional markets have closed on a bullish note, adding further support to Bitcoin’s potential upside. However, a series of consecutive bullish daily candles is needed to solidify confidence in a rally toward the $120,000 resistance 7 this confirmation, the market could remain in a holding pattern, leaving room for volatility and short-term 8 the downside, he cautioned that if Bitcoin breaks below the $110,500 level by mid-week, it could open the door for a deeper correction, potentially testing the $100,000 support 9 a move would shift market dynamics, increasing selling pressure and creating strategic opportunities for traders to position for short-term downside 10 the weekend, Cryptowzrd will be closely monitoring lower-time frame charts to identify actionable scalp opportunities while ensuring that the current position above $110,500 remains 11 Volatility Driven By NFP And Market Fundamentals Concluding his analysis, the analyst highlighted that the intraday chart of BTC has been volatile, influenced by recent fundamental commentary and the lower-than-expected NFP 12 volatility reflects the market’s uncertainty, as traders weigh both technical and macroeconomic 13 Reading: Bitcoin Market Base Turns Neutral-Bearish As Flows Stay Weak He noted that a decisive move above $113,200 would signal stronger bullish momentum, potentially pushing Bitcoin higher and helping to secure the current 14 a breakout signals that buyers are regaining control of the 15 the other hand, a drop below $110,400 could open the door for additional 16 now, the analyst plans to wait patiently for the market to form a more mature trade setup before taking the next actionable 17 image from Getty Images, chart from 18
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