The BTCUSDT chart shows a long-term downtrend with a descending trendline from the peak around 68,000 USDT, reflecting Bitcoin's adjustment phase after the early 2024 rally, amid strong selling pressure. The 34 EMA at 58,753 USDT and 89 EMA at 60,759 USDT are both above the current price, indicating a short-term bearish trend. RSI is at 42.31, suggesting the market is slightly oversold. A rebound in RSI could signal short-term price recovery. BTCUSDT may trade in a narrow range near the support level before retesting the 61,500 USDT resistance (descending trendline) for the next move.
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