Bitcoin’s failure to break through important thresholds poses a potential risk of decline.
If Bitcoin closes the week below $61,000, bearish sentiment will strengthen. Analysts predict that if Bitcoin fails to break above $61,000, bearish pressure will intensify.
Bitcoin (BTC) is currently facing resistance at $62,000 and is struggling to hold the $61,000 support level. Current trading patterns point to a downtrend, with targets below $55,000 looking more likely. Despite this bearish environment, there is also a limited chance for a recovery. Market sentiment is assessed through the order book, which reflects current buy and sell orders. The critical $60,000 sell wall has been breached, indicating traders are hesitant to sell BTC or set stop-loss orders at these levels, potentially indicating a positive outlook.
There has been speculation as to whether Bitcoin could retest the $65,000 level as the month progresses. Historically, BTC has traded in a descending channel where it has dropped below $55,000 and attempted to test higher levels before continuing its downtrend by targeting the support level near $57,600. Failure to hold this support could lead to a drop below $55,000. Short-term bearish signals in the Gaussian channel and the Relative Strength Index (RSI) failing to hold support suggest that Bitcoin could test levels below $58,000 in the near future and could drop to $54,500 if bullish intervention does not occur.
Breaking through the $60,000 sell wall underscores market confidence, while key support levels to watch are identified at $57,600 and $55,000. Bearish crossovers in the Gaussian channel and RSI suggest that the price could fall further. While a short-term bullish move is possible, it seems unlikely without strong bullish momentum.
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I EXPLAIN IN DETAILED.
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