đ **Bitcoin Rollercoaster: Bearish Retracement in Play!** đ
Bitcoin enthusiasts, buckle up! đȘ After a thrilling ride towards the $64K mark, BTC faced a significant rejection from the 100-day and 200-day moving averages, leading to a bearish retracement. đ Sellers are currently dominating the market, pushing prices lower and forming a "death cross" on the daily chart.
However, it's not all doom and gloom! đ Bitcoin has entered a key support zone between the 0.5 and 0.618 Fibonacci retracement levels. This could offer some temporary relief and potentially lead to sideways consolidation.
On the 4-hour chart, BTC's failure to establish new highs has turned the market trend bearish, with lower highs and lows. If sellers break below this support, eyes are on the $50K level for significant buying pressure. Conversely, a rebound could see BTC aiming for the $60K resistance.
In the futures market, the Taker Buy/Sell Ratio shows increased sell-side aggression, reflecting bearish sentiment. Traders are gearing up for a possible dip towards $50K, but as always with Bitcoin, expect the unexpected! đ
Stay optimistic, BTC lovers! đ
