Let’s take a detailed look at #Bitcoin on the daily chart.
Firstly, Bitcoin has reached the strong support level of $60K, and it is currently forming a falling wedge pattern. From here, we have two potential scenarios for a reversal:
1. Breakout from Support: Bitcoin has reached a key support area. If we see an increase in volume at this level, a breakout from the wedge pattern could occur, leading to a trend reversal. In this case, Bitcoin could rally back up to $65K.
2. Continued Downtrend: If Bitcoin continues to follow the downtrend and breaks below the $60K support, the next demand area would be around $57.5K. We might see a volume increase and a breakout at that level, potentially bringing Bitcoin back up to $65K.
Both scenarios are likely to play out before the end of the upcoming week, especially since 27th October is an important date based on recent market movements.
