$BTC /USDT Technical Analysis

Current Price: $55,848.82

Bearish Breakdown Setup:

The chart highlights a breakdown below key support levels around $56,000. The market has been forming lower highs, indicating weakening bullish momentum. The break below the $56,000 zone confirms that sellers are now in control, driving BTC/USDT lower.

Price Targets:

Target 1 (TP1): $54,737.66 – This is the immediate support level, where the price is likely to test soon. A break below this level would indicate stronger bearish momentum.

Target 2 (Next Support Zone): Around $53,000-$52,800 – This zone, highlighted in purple, represents a key area of historical support where buyers may step in to provide relief. This zone would be the final downside target in this bearish move.

Bearish Trade Setup:

Entry Point: A short entry can be initiated below $55,800, with the first target (TP1) at $54,737.66.

Stop Loss: A stop can be placed just above $56,500, which was the prior resistance level. Breaking back above this zone would invalidate the bearish setup.

Bearish Continuation: If BTC/USDT continues to break down, a move towards the $53,000-$52,800 zone is expected. Traders can look to add to short positions on further weakness.

Potential Reversal:

Bullish Scenario: A close above $56,500 would indicate a potential bullish reversal, where BTC could target the $57,000-$58,000 range. However, this scenario seems less likely based on the current price structure.

This analysis suggests a bearish outlook unless BTC manages to reclaim the $56,500 zone. The target for the short-term bearish move is around $54,737.66, with potential for a deeper move toward $53,000 if sellers maintain control.

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