Hello, as discussed last week, Friday’s market update would be shared at this time. Bitcoin had moved lower as the conditions that should have preceded yesterday’s update were not met. The pattern remains in a converging phase, and because the convergence persists, the momentum on the short-term chart is likely to carry into the weekend, making this period important. The captured snapshot shows the Bitcoin 1-hour chart.
First, let’s review the short-term chart. Bitcoin must recover above 67.3k soon to remove near-term downside risk. If this does not happen, the probability of further declines increases with time, so investors should be prepared for additional downside. The preferred target is 68k.
As discussed last week, Friday’s market update is now provided. Bitcoin moved lower after the preconditions for yesterday’s update were not met. The asset remains in a converging pattern, implying that short-term momentum could extend into the weekend, making this period important.
The accompanying 1-hour chart shows the near-term setup. Bitcoin must recover above 67.3k soon to remove near-term downside risk. If it fails to reclaim this level, the probability of further declines grows with time, so traders should be prepared for additional downside. The key resistance to watch remains near 68k.
With price action likely to stay constrained until a breakout, traders should align risk management and prepare for potential moves toward the 68k target. Close monitoring of the 67.3k and 68k levels can help frame short-term trading decisions over the weekend.
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