Is BTC About to Crash Toward $56K or Will the Bulls Step in Soon? – Bitcoin analysis by CryptoPotato
Following a modest bullish rebound from the substantial $59K support level, Bitcoin encountered selling pressure, retracing back to the critical 100-day moving average at $61K.
Analysis of the 4-hour chart reveals heightened buying pressure near the critical $58K mark, resulting in a bullish surge toward the $66K threshold. However, increased selling pressure around $66K led to a noticeable downtrend, bringing the price back to the crucial $60K support region.
Presently, sellers are attempting to push the price below the significant $60K support level and the lower boundary of the wedge. If successful, it could signify a more sustained bearish phase, targeting the critical $56K support region.
However, considering the prevailing market sentiment, Bitcoin may continue consolidating or experience slight lower-level declines before gaining sufficient bullish momentum to initiate a fresh upward trend. Traders should closely monitor price movements around these key levels for potential shifts in market sentiment.
