📌 What is currently affecting Bitcoin #BTC☀ Factors affecting prices 👇 📍 Global economic news and interest rates. 📍 Investor behavior (profit-taking/buying dips). 📍 Regulatory decisions (such as ETF legislation or digital asset regulation laws). 📍 Technical events (such as quantitative risks or network changes).
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Why should we know the support and resistance of any currency?
In short, because they can determine the path and price movements and define entry and exit points in trading transactions.
For example, what is happening with Bitcoin currently?
Stage one: When Bitcoin fails to break through the lower support, it means there is stronger buying demand than selling demand.
Stage two: After the failure, Bitcoin will rise to the nearest price resistance above to test it, and price resistance means a place where sell orders are concentrated.
Stage three:
A- Bitcoin will attack the price resistance above. If it succeeds in breaking through it calmly and steadily, it means that the existing buy orders are strong, and a rise in Bitcoin is completely possible to the next price resistance, which is a great partial trading entry point.
B- If Bitcoin fails to break through the upper price resistance, it will quickly head to the lower support with greater force to attack it since the support has weakened. If it succeeds in breaking it, it means that Bitcoin may drop to the next support and be a point of exit from the market. However, if it fails, it will surge upwards rapidly and may break through the price resistance quickly.
This scenario applies to all currencies that respect their supports and resistances; this is a fundamental principle of trading.
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To reach 300$ , the market needs a very significant rise in major cryptocurrencies — this could happen within 2 to 3 years in a very optimistic scenario, with Bitcoin rising to record levels ($70–100k).
BlockChain_Insights
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Bullish
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