Bitcoin price breaks below July wedge high at $58,280, bearish signals reappear!
Bitcoin continues its bearish trend, with the price currently testing key support levels. New signals are also emerging in the market.
The Bitcoin chart continues to show bearish signals, as shown by the SuperTrend indicator. The bearish trend remains intact over the past day, with Bitcoin forming lower highs and lower lows. The current price action is developing within a descending expanding wedge pattern, with resistance around $68,500 and support near $53,500. While the overall trend is bearish, bullish moves may still occur occasionally.
Bitcoin has recently faced resistance at the $63,000 and $60,000-61,000 levels, resulting in a drop to the support area between $56,000 and $57,000. If Bitcoin closes below $56,000 on the daily chart, it could find further support around $51,000-53,000, with potential minor support at $54,000.
Despite the ongoing bearish trend, some indicators show neutral momentum, such as the RSI, while funding rates across the cryptocurrency market are turning negative. This negative funding rate can be a bullish sign as it indicates high demand for short positions. If these short positions begin to close, it could trigger a short squeeze, putting upward pressure on Bitcoin's price.
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