According to U.Today, Bitcoin continues to struggle under bearish control despite a recent rebound, facing multiple resistance levels and high market risk. The cryptocurrency saw its value increase over the weekend due to a weakening dollar, but the overall market sentiment remains cautious. Bitcoin recently tested the 26-day Exponential Moving Average (EMA), a significant technical threshold, which is proving to be a tough barrier. There is a possibility that Bitcoin may not break through this resistance. If it holds, Bitcoin could retest the $58,000 mark, a strong support level in recent months. The 100-day EMA is also around $60,000, reinforcing this critical price zone.
The trading volume is somewhat neutral with a slight downward trend, not indicating a bullish reversal is on the horizon. This aligns with the broader market sentiment, as various risk indicators continue to suggest heightened caution. Liquidation of long positions has also been observed, slowing the momentum in perpetual markets. As this consolidation phase continues, Bitcoin enthusiasts and traders are closely watching to see if Bitcoin can break through the $65,000 resistance level. Such a move could potentially reenergize market sentiment and pave the way towards $70,000.
However, the overall narrative remains bearish. Bitcoin's inability to break through key EMAs such as the 26 and 50, along with ongoing high-risk signals from market indicators, suggest that bears currently dominate. Observers are now waiting to see if Bitcoin can maintain its position above the $60,000 mark or if it will succumb to another round of sell-offs, confirming the bearish trend.
