Monday BTC Quick Update #65 | BTC next Move 😶‍🌫️

BTC chart shows a clear bearish trend. The price has been respecting a descending trendline, which indicates persistent selling pressure, with the trendline acting as strong resistance. Additionally, there's a Bearish Fair Value Gap (FVG) marked around the 58,700 level, along with a liquidation level of 640.78, suggesting that this area could trigger selling or trap long positions. (Fake breakout and Hunt Liquidation possible next)

Fibonacci retracement levels are also providing key insights. The 61.80% level at 55,303.94 aligns with the trendline, acting as a strong resistance zone, while the 50% retracement at $56,157 serves as another level to watch. On the downside, the 78.60% Fibonacci level at $54,088.11 may act as immediate support.

Currently, the price is hovering around $54,897, just below the 61.80% retracement level. If the price gets rejected from this zone, it could continue its downward movement towards the lower support level at $52,539. Keep an eye on the $55,300-56,150 range for signs of a potential reversal or further bullish confirmation.