$Bitfarms Ltd.(BITF)$ $CME Bitcoin - main 2509(BTCmain)$ ๐ฅ๐๐ $BITF Demand Zone Test: Bounce or Breakdown? ๐๐๐ฅ
๐ Demand Zone in Play
$BITF has now entered the orange demand zone around 2.70โ2.90, where buyers previously stepped in with heavy accumulation. This is the battleground where supply meets demand; bulls need to defend this zone to avoid a deeper flush.
๐ Technical Setup
On the 4H chart, price has pulled back from 3.62 highs into a descending wedge formation. Demand zone retest is underway, aligning with the Keltner and Bollinger compression seen on lower timeframes. Short-term level to reclaim is 3.00; failure to hold above exposes further weakness.
๐ฏ Roadmap
Upside triggers if demand holds:
โข 3.00: immediate reclaim needed
โข 3.35: next resistance test
โข 3.62: prior rejection zone
โข 4.05: swing target if momentum returns
Downside risks if demand breaks:
โข 2.50โ2.40: next liquidity pocket where price could search for buyers
โ๏ธ Market Psychology
This is where smart money often reloads positions, but if demand breaks, panic selling can accelerate quickly. Wedge resolution over the coming sessions will decide whether this is the start of a recovery leg or the first step into a deeper retracement.
๐โWill buyers defend this demand zone and push $BITF back toward 3.35โ3.62, or is a breakdown toward 2.50 inevitable?
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