BTC plummeted, is it a continuous short? Or a correction? ! Latest analysis and forecast

Current market conditions

1. Price trend:

- Current price: 61339.35 USDT

- Increase: -4.30%

- Opening price: 64096.01 USDT

- Highest price: 64434.98 USDT

- Lowest price: 60800.00 USDT

2. Technical indicators:

- Moving average:

- The 60-day moving average (MA 60) is located at 65812.94 USDT, showing strong resistance.

- MACD:

- Both the MACD line (blue line) and the signal line (yellow line) are below the zero axis, and the bar chart shows selling pressure. The current trend is bearish.

- Downward trend: As can be seen from the figure, after a period of rise, the price of Bitcoin has started to pull back in recent days and is currently in a downward trend.

- Support level test: The current price is testing the support level of 59795.57 USDT. If it can stabilize, this support level may become the basis for a rebound; if it falls below this support level, it may fall further.

1. Short-term forecast:

- Upward trend: If the price can hold the support level of 59795.57 USDT and rebound, the target level may be around 64000 USDT.

- Downward risk: If it falls below the current support level, it may fall to the second support level. The specific price is not indicated, but it may be around 55000 USDT.

2. Medium-term forecast:

- If market sentiment picks up and trading volume increases, the price is expected to break through the resistance level of 65812.94 USDT and rise further.

- But if market sentiment continues to be sluggish and trading volume continues to shrink, the price may fluctuate and consolidate in the current range.

- Conservative investors: It is recommended to wait and see, and wait for the price to confirm that it has broken through 65812.94 USDT before considering entering the market.

- Aggressive investors: Buy in appropriate amounts near the current support level, set the stop loss at 59,000 USDT, and the target at 64,000 USDT.

BTC/USDT is currently in the testing phase of key support levels. There may be a rebound in the short term, but there is also a downside risk. Investors need to pay close attention to technical indicators and volume changes, set stop losses and targets reasonably, and operate with caution.

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