As of today, Bitcoin is experiencing a period of price consolidation. After a strong rally earlier this month, where Bitcoin surged by 35% and almost reached $64,178, it has since struggled to maintain that momentum. Currently, Bitcoin is trading around $61,753, reflecting a 6% correction from its recent highs.
Several factors are contributing to this situation. The market is facing significant selling pressure, particularly from short-term traders who have been placing large sell orders across major exchanges. This has created an imbalance between buy and sell orders, making it difficult for Bitcoin to break through the resistance level of $64,200. Additionally, technical indicators suggest that Bitcoin may continue to face downward pressure unless it can successfully break through this resistance.
Looking ahead, if Bitcoin fails to hold above the $60,000 support level, it could see further declines, with the next major support around $54,565. However, a break above $64,200 could potentially lead to renewed bullish momentum, although current market conditions make this less likely in the immediate.$BTC
