$BTC /USDT Technical Analysis✈️🌕

Current Price: $57,899.99 (-1.14%)

- 24h High: $59,179.35

- 24h Low: $57,493.30

Resistance: $60,800.00

Support: $57,600.00

Analysis Overview:

Bitcoin has been under some selling pressure over the past few sessions, as evidenced by the decline in price from $60,800 down to the $57,600 support zone. The price is currently consolidating at $57,899.99, slightly above the immediate support level of $57,600. This consolidation indicates that the market may be preparing for the next major move.

The chart shows a series of lower highs and lower lows, which suggest a short-term bearish sentiment. However, the price has found temporary support around $57,600, indicating that buyers are stepping in at this level. If this level holds, we could see a potential bounce back toward the $60,800 resistance level.

Short Trade:

If BTC breaks below the $57,600 support level, it may signal further downside pressure, with a potential short entry around this area. The next support target would be around $57,200 or lower.

Long Trade:

For bulls, a long position could be considered if the price reclaims the $60,800 resistance level, with targets around $61,200 and $61,500. However, the market's downward trend needs to be broken convincingly before entering long positions.

Market Sentiment:

The 24-hour volume suggests that there's still significant market activity, but the overall trend shows Bitcoin losing momentum. In the last 7 days, Bitcoin saw a modest gain of 2.44%, but over the past 30 and 90 days, it's down 4.70% and 10.48%, respectively. This indicates a longer-term bearish trend that might continue unless a significant bullish catalyst emerges.

Conclusion:

Traders should keep a close eye on the $57,600 support level. If BTC breaks below this, further losses could be anticipated. On the other hand, if bulls can defend this area, a short-term recovery towards $60,800 is possible.#NeiroOnBinance #FTXSolanaRedemption #GrayscaleXRPTrust #Bitcoin❗ #updates