$BTC technical price analysis🎴
Bitcoin (BTC) is currently trading at a price of approximately $53,838 USD. This represents a decline of -4.13% in the past 24 hours. The market capitalization of Bitcoin is approximately $1.06 trillion USD, and the daily trading volume is approximately $35.53 billion USD.
👉Technical Analysis:
* Bitcoin is currently consolidating below a key support level at $56,000. If it breaks below this level, a continued downtrend is likely.
🔘 The overall trend for Bitcoin remains bearish in the short term, as indicated by a falling trend channel.
🎴 The currency is moving within a rectangle formation between support at 52337 and resistance at 68119 👈🏻. A decisive break through one of these levels indicates the new direction for Bitcoin.
💥Fundamental Analysis:
* Institutional selling and negative on-chain indicators suggest a bearish outlook for Bitcoin.
* Outflows from US spot Bitcoin ETFs and rising institutional selling are also contributing to the downward pressure on the price.
Overall Outlook:
The overall outlook for Bitcoin remains uncertain. While there is potential for a short-term recovery, the long-term trend is likely to remain bearish unless there is a significant shift in sentiment and market conditions
Investors should conduct their own research and consider all relevant factors before making any investment decisions. read the feed post👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻