Peter Smith
⬤ Bitcoin pulled back after struggling to hold above $89,000, now trading around the $88,000 mark on perpetual futures charts. The recent rejection from upper resistance triggered some profit-taking, with several positions closing in the green. Instead of chasing the market, traders are now focused on spotting clear entry opportunities as price action settles.
⬤ The charts show classic intraday whipsaw behavior—a sharp pump followed by an equally fast pullback. This isn't necessarily bearish; it's more about traders locking in gains after the recent rally. BTC is still sitting above a solid support zone between $86,000 and $87,000, which could act as a springboard if buyers step back in. The current setup hints at possible consolidation before the next leg unfolds.
⬤ Right now, Bitcoin looks more like it's catching its breath than reversing course. The sharp moves in both directions show the market is still active, but without clear follow-through on either side. Selling pressure has cooled off, but bulls haven't taken full control yet either. It's a classic wait-and-see moment as the market digests recent volatility.
⬤ These consolidation phases typically show up after big moves when traders reset positions and liquidity finds its balance again. Bitcoin often uses these pauses to stabilize before picking a direction. With price hovering near important intraday levels and no strong catalysts in sight, the focus is on whether that $86,000-$87,000 support zone holds and if momentum can rebuild from here.
Peter Smith
