On the 4-hour $BTC
USD chart, the price is fluctuating around the support zone near $57,000. The previous downtrend has met support and is currently experiencing a slight recovery.
The price is below both EMAs, with the 34 EMA under the 89 EMA, indicating a short-term downtrend. The narrowing gap between the EMAs suggests a potential reversal if the price breaks through.
The RSI is currently at 42.47, indicating that the market is neither overbought nor oversold, but the level near 40 shows strong selling pressure.
If the price breaks the resistance and the 34, 89 EMAs around $58,600, the next target is $61,000. Additional confirmation is needed from other indicators, particularly if the RSI rises above 50.
Regarding news: Developments in the cryptocurrency market, especially with other major coins like Ethereum, could also influence the BTCUSD trend
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