Technical Analysis:
• Current Bitcoin price: $57,561.52.
• Recent trend: We notice that the price was in an uptrend, but saw a slight correction after reaching the top at around $58,486.02.
• Moving Averages:
• MA(5): 93.97129 (significantly higher than the current price)
• MA(10): 69.28872 (higher than the current price but lower than the MA(5))
• Trading volume: We notice an increase in trading volume with the last candle, which may indicate interest from traders in this price range.
Possible scenarios:
1. Continuation of the rise: If the price manages to stabilize above the $57,442.50 level (close to the support level), we may see another rise in the price with an attempt to reach new levels or test the previous resistance at $58,486.02.
2. Additional Correction: If the price cannot hold the current support and starts to decline significantly, we may see another downtrend in the price. The price may head towards a stronger support level below $57,442.50.
