BTCUSDT: Holding 87,300 Support Ahead of a 89,000 Retest
Hello everyone, here is my breakdown of the current BTCUSDT setup.
Market Analysis
BTCUSDT is trading within a well-defined ascending channel, reflecting a sustained bullish structure after breaking out of the prior consolidation range. Earlier in the chart, price spent significant time moving sideways inside a broad range, capped by a resistance zone near 89,000 and supported by demand below. A decisive breakout from the range confirmed a shift toward bullish market conditions.
Recently, BTC pushed back into the 89,000 Resistance Zone, where selling pressure appeared again. The current reaction from resistance looks corrective, not impulsive, suggesting temporary rejection rather than a trend reversal. Price is consolidating just above support, indicating compression between support and resistance within the bullish channel.
My Scenario & Strategy
My primary scenario remains bullish as long as BTCUSDT holds above the 87,300 Support Zone. Continued defense of this area could lead to another attempt to test the 89,000 Resistance Zone. A clean breakout and acceptance above resistance would confirm continuation within the channel and open the door for further upside.
However, on the flip side, a decisive breakdown below the support zone and channel structure would weaken the bullish bias and signal a deeper corrective move toward lower levels. For now, price remains constructive, with buyers defending structure while BTC consolidates below resistance.
That's the setup I'm tracking. Thank you for your attention, and always manage your risk.