As Bitcoin (BTC) struggles around the $5mark, the question on everyone’s mind is whether it will rebound or continue its downward trend. Recent analysis suggests BTC is likely to face further declines. Here’s what to expect:
Bearish Momentum:
- Resistance Levels: BTC is expected to face significant resistance around $57-58K. If it bounces, it’s unlikely to surpass this range significantly.
- Monthly Trend: With the current monthly chart showing a bearish trend, BTC might slide to $50K this month and potentially drop to $40-42K next month.
Trading Strategy:
- Short Opportunities: For those looking to trade, setting up SHORT positions at $57-58K might be advantageous. Avoid LONG trades for now as the market remains in a bearish phase.
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