Bitcoin Price Update: Bearish Momentum Builds on 4-Hour Chart

In the latest 4-hour chart analysis of the #Bitcoin price, the market is showing signs of potential bearish momentum, despite attempts to break higher. As $BTC approaches critical resistance levels, traders should keep a close eye on price movements and technical indicators for cues on the next significant market move.

The Bitcoin price is currently trading near the $59,612 level, with immediate resistance just overhead at $59,682.84. The market's inability to sustain momentum above this level could indicate a potential pullback. BTC’s next major resistance to watch is around $60,024, a level that, if breached, could open the door for further upside for the Bitcoin price. However, with the leading crypto struggling to maintain upward pressure, these resistance levels are likely to serve as formidable barriers in the short term.

On the downside, support is found at $59,306.72, followed by a stronger support zone near $58,825.53. The proximity of these support levels suggests that any bearish movement could be met with buying interest, potentially stabilizing the Bitcoin price action. However, if these levels fail to hold, the Bitcoin price could see a more pronounced decline, possibly testing the $58,306.72 level.

Technical indicators are painting a cautious picture. The 9 EMA is currently trending below the 20 EMA, a configuration often seen as bearish. This crossover suggests that the short-term momentum is weakening, and the bulls may struggle to regain control. The MACD further supports this bearish outlook, as it remains in negative territory, with the histogram narrowing—indicating that the downward momentum may be slowing but is still dominant. Traders should watch for any signs of the MACD signal line crossing back above the MACD line, which could indicate a potential reversal. #BTC The full analysis and trade strategy were posted on www.ecoinimist.com.