Analysis of Bitcoin's behavior shows signs of a possible deeper correction on the horizon. Over the past few weeks, we have seen a pattern of closes below $69,000 in the weekly series, indicating a continued bearish trend.
In the daily series, the price has missed the medium-term target of $63,387 and is approaching the level of $60,769. Furthermore, on the four-hour chart, we have observed closes below the level of 61,800, which increases the probability of a continuation of the corrective phase towards $56,750.
Traders are attentive to the closing of the candles and the possible confirmation of a double close below the level of 61.80 on the four-hour chart, which could strengthen the downtrend and take the price towards support levels at 61.060 and 59.629 Dollars.
In short, the Bitcoin market is showing signs of weakness and investors are prepared to face a possible deeper correction in the coming days.
Supports:
Nearby support level: around $61,000.
Strongest support level: around $58,000.
Resistances:
Nearby resistance level: around $64,000.
Strongest resistance level: around $65,000.
Stay informed and adjust your strategy accordingly.
Blog: https://bitcointradecryptoesp.blogspot.com
