$BTC As the negative outlook on Bitcoin persists, Mt. Gox: A ghost is once again haunting the Bitcoin price as it tries to grab onto its short-term support.
If there is a drop below $57,300 it could trigger further declines towards $54,300 or $54,520 this fds. Being optimistic.
In my personal opinion I think that the market is still digesting the recent economic data and assessing the potential impact on the Federal Reserve's monetary policy, the Bitcoin price trajectory will likely be influenced by these factors, after that we could have a big rise and new support line at $65,618 to $67,044 I hope. To reverse the momentum, Bitcoin needs to break the $59,000 zone
buying interest emerged around $57,300. If these purchases continue and the uptrend picks up, the next move over the weekend could target the resistance zone between $60,000 and $62,000. A weekly close above this zone could show the way for an accelerated recovery next week.
While what we see is that it indicates acceleration to the downside, making the $57,300 support level crucial once again supported by Fibonacci levels. If Bitcoin loses this support, it could signal a breakout of the symmetrical triangle in the short term, potentially pushing the price towards the next support at $54,200.
Everyone knows that Bitcoin bounced off the $62,000 level after bottoming out at $49,500. This recovery corresponds to the 0.618 Fib level of the recent drop, with the key resistance zone at this point limiting gains.🫤