Bitcoin Price Update
Hello and welcome to another update on the BTC price. Bitcoin has recently dropped around 6 to 7% from its intraday high of approximately $106,400. we speculated about a “buy the rumors, sell the news” event around the Trump coin, which could be contributing to the current price action.
Resilience Above Key Support Levels for Bitcoin Price
Despite the downside, Bitcoin remains well above the low from last Monday and the January 13th low, showing resilience at the upper support area. Currently, we are witnessing a three-wave move down, which may evolve into a wider wave two. This is a key point where I would expect to see buyers step in.
BTC Price Correlation with S&P 500 and NASDAQ
For those following us on Discord, I shared a wave count for the S&P 500 and NASDAQ on Friday, highlighting their correlation with Bitcoin price action. They completed a five-wave move up, in line with the yellow wave count, suggesting a potential correction into early next week. Although Bitcoin’s structure initially suggested a breakout, it has so far followed the correction pattern.
Bitcoin Price in a Typical Correction Phase
At this stage, we are seeing a typical correction within Bitcoin’s volatility. Even in a bullish market, the BTC price is holding above key support levels. This could be an ideal opportunity to consider long positions, but always make sure to understand the trade setups and their invalidation points—whether it’s the bullish 1212 setup at Thursday’s low or the larger 12 setup.
Key Support Levels to Watch for Bitcoin Price
If we break below key support levels, especially the $92,626 level, I would have to assume that the larger wave four is still unfolding. We had a breakout above the trend line, and we might be testing it from above on the daily time frame.
Bitcoin Price Outlook: Potential for Breakout or Retest
Bitcoin hasn’t managed to break out yet, but I’m looking for a low either in the upper support region (which isn’t clear yet) or between $92,626 and $97,200. A break above resistance at $104,925, which corresponds to the 78.6% retracement, would signal that the market is poised for a bullish continuation.
Bitcoin Price Target: Could BTC Reach $113,000?
If a third wave begins from here, we could see the BTC price reach around $113,000. Whether we see a slight dip before rallying, we are likely to reach that target. The current outlook is still bullish, but the question remains: Do we need a brief pullback before moving higher?
No Confirmed Low Yet for Bitcoin Price: Watch for Price Action
As of now, there is no confirmed low on the micro level. We may see an A wave down, B wave up, and C wave down. For the blue count, we should not see any further significant lows, with maybe just another lower low—but nothing that breaches the 78.6% retracement level.
Bitcoin Price Update: Watch for Momentum to Build in the Coming Sessions
Over the coming sessions, I will be watching if the market can build enough momentum to begin the third of a third wave up. The assumption remains that the blue scenario is leading. The key question is whether we transition into the wider yellow wave two, or if the bulls can maintain support above the Thursday low of $97,300, which is the invalidation point for the blue scenario.
That’s your Bitcoin price update for now. Stay tuned for more insights.