$BTC technical analysis- Daily update

Bitcoin (BTC) has faced a significant pullback, dropping nearly 6% to $59,399.42. However, the chart reveals a potential bullish reversal on the horizon.

After testing the strong support at $58,034.01, BTC is showing signs of stabilization within the Bollinger Bands.

The MACD, while deeply negative, indicates the possibility of a bullish crossover as momentum slows down. Traders can consider an entry around the $59,000 level, with a target of $62,919.46 where strong resistance lies. A more ambitious target could be $65,000 if bullish momentum gains traction.

Setting a stop-loss slightly below the recent support at $57,685.71 will help manage risk. Keep an eye on volume; a surge could confirm the anticipated bullish movement.