$BTC btc Bitcoin experienced a significant downturn on May 1, breaking below the crucial $60,000 support level 📉. This indicates a weakened uptrend, with analysts remaining cautiously optimistic about the long-term outlook ⏳. Negative sentiment was fueled by lackluster responses to new Bitcoin and Ether ETFs in Hong Kong and continued outflows from US-based Bitcoin ETFs 📉.

The post analyzes Bitcoin's price chart, highlighting key technical levels and scenarios:

- Consolidation breakdown below $59,600 could signal further decline towards $54,298 📉.

- A move above the 50-day simple moving average ($66,596) would invalidate the bearish outlook in the short term 📈.

Overall, while short-term sentiment is bearish, long-term investors may find opportunities amid corrections, with potential for recovery if key resistance levels are surpassed 🌱.