๐ Bitcoin's price trajectory remains on a downward trend as critical analysis highlights key resistance levels. ๐ According to Coinotag analysts, Bitcoin faces a pivotal resistance zone between $66,700 and $65,800, which must be surpassed to reverse the current trend. ๐ However, caution is advised as failure to hold support at $62,300 could lead to further declines, potentially dropping to $61,200. โ ๏ธ
๐ก Current Technical Outlook: Bitcoin's 8-hour chart paints a bearish picture, with the cryptocurrency struggling to break above critical resistance levels. ๐ The inability to breach these barriers suggests continued downward pressure.
๐ก Immediate Challenges: Overcoming the resistance range of $66,700 to $65,800 is crucial to shifting the current bearish bias. ๐ Failure to close above this zone could intensify selling pressure and prolong the downward momentum.
๐ก Support Levels: Bitcoin's ability to hold the $62,300 support level is vital. ๐ค A breakdown below this point may trigger a further decline towards $61,200, signaling a bearish continuation. ๐ However, strong buying interest at this support could offer hope for a recovery.
๐ก Long-Term Implications: A failure to maintain support above $61,200 could indicate a continuation of the downward trend, potentially setting new lower price targets for Bitcoin. ๐๐ฏ It's essential for traders and investors to closely monitor these critical levels to navigate the current market conditions effectively. ๐ผ๐ฐ #BTC