#btc走勢
Bitcoin Market Outlook: Bearish Trend Continues, Will BTC Fall Below $60K?
Recently, the price of Bitcoin has encountered strong resistance when trying to break through the key area of $62,000, thus starting a new round of downward adjustment. Currently, BTC is trading below $61,000, and this trend has increased market concerns about its further fall below the psychological level of $60,000.
Looking back at the market trend, Bitcoin has received support near $60,250 and tried to stabilize and rebound. For a period of time, it even managed to break through the 23.6% Fibonacci retracement level of the downward trend from the high of $63,217 to the low of $60,250. However, this upward momentum was stopped in front of the strong resistance level near $61,800, and sellers continued to be active in this area, maintaining a solid defense of the 50% Fibonacci retracement level.
Subsequently, there was a clear bearish reaction in the market, which caused the price of Bitcoin to fall below a bearish flag pattern formed on the BTC/USD hourly chart, with support near $60,950. Currently, Bitcoin is trading below $61,000 and the 100 hourly simple moving average, showing a weak market.
Looking ahead, market analysts expect Bitcoin to face important resistance near $61,200. If this level cannot be effectively broken, the price of Bitcoin may continue to fall. The initial support level is set near $60,500, while the more critical support level is the psychological level of $60,000. If the price of Bitcoin falls below $60,000, the market may further fall to $58,500 and may even touch the support area of $56,650.
In terms of technical indicators, the current market shows clear bearish signs. The hourly MACD indicator continues to strengthen in the bearish zone, while the hourly RSI indicator has fallen below the 50 level, further confirming the bearish sentiment in the market.
In summary, Bitcoin is currently facing a challenge at the important resistance level of $61,200. If it fails to break through this resistance level, the price of Bitcoin may fall further to below $60,000. However, if it can successfully break through the key resistance level of $62,500, it may pave the way for Bitcoin to further rise to $65,000 or even higher. Investors should pay close attention to market dynamics so as to make timely adjustments.
Ares has also been ambushing a currency that is about to explode recently, with a short-term return of 30% and a long-term return of about 5-8 times. As I said before, if you take the initiative to find me, I will take you ashore, and you just lie down.
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Ares will not let my fans miss out in this bull market! This is the truth
