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Bitcoin Reaches 116,500 as It Tests Trend Resistance, Maintains Positivity if 112k Support Holds
I observe that Bitcoin has reached around 116,500, attempting a new test of the trend resistance.
After closing below the short-term upward trend, liquidations below 112k were cleared. Once these liquidations were eliminated, the price began to rise, and currently, BTC is making new attempts to regain its upward trend.
As long as the 112k support level is maintained, the trend structure will continue to remain positive. A break in the downward trend could present a good opportunity for new positions and to manage new risks.
After closing below the short-term upward trend, liquidations below 112k were cleared. Once these liquidations were eliminated, the price began to rise, and currently, BTC is making new attempts to regain its upward trend.
As long as the 112k support level is maintained, the trend structure will continue to remain positive. A break in the downward trend could present a good opportunity for new positions and to manage new risks.
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AI Analysis
The current position of Bitcoin at approximately 116,500 indicates a test of strong resistance within its trend cycle. Following a period of closing below the short-term upward trend line, significant...
AI Recommendation
Traders should closely monitor the 112k support level. As long as this support remains intact, the overall bullish momentum is likely to sustain, making it a favorable environment for long positions. ...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.