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The fact that the price is at 61,880.00 USD and has fallen in the last few days indicates that short-term selling pressure is high. The fact that the moving averages are in a short-term (MA7) downtrend indicates that the selling pressure may continue. The RSI is at 30.21, indicating that the market is in the oversold zone. It shows that there is a possibility of recovery from these levels. However, further declines are also possible if the RSI remains in the oversold zone.

The current price level ($61,880.00) might be one of the previous resistance levels. If the price breaks this level, USD 62,420.00 and above could act as new resistances. On the downside, the low at USD 59,705.80 should be watched as a strong support level.

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