$BTC has indeed been experiencing a significant downward trend. Currently trading at $60,715.99, it has dropped by 2.63% over the past 24 hours1. The price has reached a low of $60,666.00, indicating strong bearish momentum1. With resistance at $62,565.95, Bitcoin is under considerable downward pressure1.
For traders, this means:
Short positions: Those looking to short Bitcoin might find opportunities as the bearish trend continues.
Long positions: Caution is advised for those considering long positions. It’s wise to wait for signs of a reversal near key support levels.
Given the current volatility, effective risk management is crucial.
