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#BITCOIN to The Moon. WEN ⁉️
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- Bitcoin's market is currently experiencing a downturn, yet the price remains stable.
- Technical analysis indicates a bearish trend, with the 28 and 50 EMAs below the price.
- Nonetheless, there is robust support within the range of $66,500 and $65,500.
➡️ Short-Term Expectations:
- The 1-hour timeframe reflects a bearish sentiment, marked by lower highs and lower lows.
- Anticipate a rebound from the support level before confirming a bearish trend.
- A sell-off in open interest suggests the possibility of further decline, though the support level is expected to hold.
➡️ Long-Term Expectations:
- Foresee a potential rally back up to $69,500 or $70,000 from the support level.
- Momentum and an increase in open interest are prerequisites for a bullish confirmation.
➡️ Upcoming Market Events:
- Later today, GDP growth rate, price index, initial, and continuing jobless claims will be released.
- A result exceeding expectations could buoy the markets, serving as a fundamental catalyst for a rally.
