๐จ $BTC Bearish Trend Alert โ Stay Cautious! ๐จ
$BTC is trading at $62,779.82, moving within a descending channel on the 4-hour chart. The price has been repeatedly rejected at the upper boundary of the channel, indicating persistent bearish pressure. With BTC struggling to break through resistance, the downtrend remains intact.
๐ก Key Levels to Watch:
Resistance: $63,500 โ A break above this could signal a reversal, but until then, the bearish trend holds.
Support: $62,000 โ If BTC breaks below this level, expect further downside toward $60,000 or even $58,000.
๐ Trade Setup:
Bearish Play: Enter below $62,000 with a target near $60,000, with a stop-loss at $63,500.
Bullish Play: Wait for a confirmed breakout above $63,500 to invalidate the bearish trend and target $65,000.
โ ๏ธ Market Insight: BTC remains under bearish control within the descending channel, suggesting sellers are still in the driverโs seat. Watch for a possible breakdown below support to trigger more selling pressure.