Bitcoin faces resistance at $65,500, indicative of a downtrend in its price trajectory.
Recent trading witnessed BTC slipping below $61,000, signaling a bearish momentum.
Short-term analysis reveals a consistent pattern of lower highs and lows, highlighting the dominance of bears.
Sellers are actively seeking to breach the $60,000 support level and the lower boundary of the wedge pattern.
A settlement below $60,000 could trigger a potential bearish trend for Bitcoin.
BTC has remained within a descending parallel channel since reaching its peak of $73,794 on March 14.
A successful breach of the $60,000 support might initiate a sustained bearish phase, with a target set at $56,000 support.
According to Coin Gabbar analysis, Confirmation of this bearish scenario could materialize with a breakout from the long-term channel, potentially leading to a new all-time high.
KEY LEVELS :
RESISTANCE LEVEL : $62,200-$64,000
SUPPORT LEVEL : $59,600-$58,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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