BTCUSDT , after a rapid rally and touching 123K, rolled back and entered consolidation, giving altcoins a chance. At the same time, Trump signed new crypto laws, but will these laws open new doors?
On June 18, the GENIUS Act was signed. Information can be found in the sources, but there is no direct reference to BTCUSDT.P, except perhaps indirectly: increased confidence in the crypto market, increased liquidity, possible new rules, and pressure on decentralized assets. Bitcoin has not always grown on positive news; more often it has been a deep pullback and liquidation before the momentum.
Technically, Bitcoin is currently consolidating, and I would highlight several key areas: the upper range is 120K-120.9K. The zone between these levels is particularly important, as this is where buyers were previously liquidated and sellers gathered (liquidation is possible).
The bottom is 117K (confirmed) – 116.2K. There is a liquidity pool on the support side.
additional scenario if the market does not reach resistance and decides to form a long squeeze before growth
Theoretically, I am not yet expecting a breakout and growth of Bitcoin. I think that consolidation may continue for some time, especially against the backdrop of a pullback in altcoins and a deep correction in the dominance index.
Resistance levels: 120100, 120850
Support levels: 117000, 116230
Since the opening of the session, the price has been working off the liquidity capture from 117K. There is a reaction – growth, which could bring the price to the zone of interest at 120K. But the question is: will the price hold in the 120K zone? A false breakout of resistance could trigger a correction to 117-116K. Thus, I expect the market to remain in consolidation for some time or even expand the current trading range…
Best regards, R. Linda!
