A big crash coming? Bitcoin encounters major resistance, $60,000 is in danger!
Bitcoin is hitting an important resistance threshold, and the short-term market trend may indicate that a new round of adjustments is coming. This analysis not only reveals Bitcoin's current situation, but also provides key insights into its subsequent trend.
Looking at Bitcoin's performance in the past four days, the price fluctuations are not large, and the market seems to be a bit immobile. But if you look at the daily chart, you can see the obvious sideways consolidation period. This price jump is closely linked to the US dollar index (DXY). You move and I move. Now, the US dollar index stands in the middle, which has little impact on Bitcoin and is considered neutral.
Historically, the two are enemies. When the US dollar index falls, Bitcoin often smiles; conversely, when the US dollar index rises, Bitcoin has to be gloomy. At present, although the US dollar index has not officially announced a reversal, it is still trending downward, which is good news for Bitcoin.
Now, Bitcoin is stuck at the hurdle of $67,000 to $68,000, especially when it is close to $68,000, the trading volume is not small, and buyers and sellers are fighting here. If it can break through this hurdle in one fell swoop and the closing price is also stable, it will be a big breakthrough. This resistance area may become a support area, and Bitcoin can still jump up. At that time, the next hill to attack will be the area of $72,000 to $74,000.
If Bitcoin falls below $63,000, especially if it goes straight below $60,000, it will be troublesome, and the bearish wind will sound. In addition, if the US dollar index suddenly turns upward, it will also be a bad sign, but there is no sign of that now.
In the short term, Bitcoin's daily chart is a bit worrying. There is a bearish divergence on the six-hour chart. The price has reached a new high, but the relative strength index (RSI) has not kept up. This is usually a sign of weak growth. The market may need to take a breath or a correction.
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