đ Bitcoin Price Stagnates Below Key Resistance: Is a Breakout Coming? đ
Bitcoin is currently in a holding pattern, trading around $59,039 and facing strong resistance at $59,420. Despite multiple attempts, BTC has struggled to break above this critical level, signaling ongoing bearish sentiment in the market. Traders are watching closely, as failing to overcome this resistance could lead to a further decline, potentially targeting $57,724.
The market's current bearish pressure is evident in the 2-hour chart, where Bitcoin remains trapped in a downward channel. The Relative Strength Index (RSI) is hovering around 45.35, suggesting that there might still be room for further downside if selling pressure continues.
As the week progresses, market participants are speculating whether Bitcoin can break free from this range and start an upward trend, or if it will continue to face downward pressure. The upcoming price movements could set the tone for BTCâs direction in the near future.
