#0🅇8🄾0🄼™ | Bitcoin price has again experienced a significant decline, falling below $58,500. What investors should anticipate. Now Gravity Alpha Mainet is launching towards safer and more reliable transactions when BTC Down!

$BTC

Continued Selling Pressure

Bitcoin has once again slipped below the $58,500 support zone, indicating continued selling pressure in the crypto market. After hitting a high of around $60,000, the bearish trend is still dominating.

With the pressure mounting, BTC may continue to decline towards the $55,000 support zone in the near term.

Read: BNBChainTurn4 - How To Participate In BNB Anniversary Event

Bitcoin's Decline Continues

Bitcoin's price movement this week shows an increasingly worrying downward trend. After breaking through the support of $ 58,500, the price continued to fall below $ 57,200, recording a new low of $ 57,124. Despite the recovery attempt, selling pressure remains strong, with the price moving well below the 100-hour Simple Moving Average.

Technical Analysis

Kraken data shows a bearish trendline with resistance around $58,400 on the BTC/USD chart. If Bitcoin fails to break through this resistance, further declines are likely. The nearest support zone is at $57,200, and if broken, the $56,500 to $55,000 levels could be the next target for bears.

Technical indicators are showing bearish signals, especially with the MACD strengthening in the bearish zone and the RSI below the 50 level. The short-term outlook for Bitcoin looks bleak. If BTC fails to rise above the $58,400 resistance, investors could see the price drop further towards the $55,000 level.

Read: Gravity is a Layer 1 omnichain smart contract platform designed to provide a more efficient, scalable and secure mechanism

Recovery Potential

However, if there is a sudden surge above the $58,400 resistance, Bitcoin may be able to start a recovery, with the short-term target being around $59,000 to $60,000. Given the dominant selling pressure, investors should prepare for further volatility in the crypto market.

Conclusion

Bitcoin's current price action is heavily dependent on its ability to break through key resistance levels or maintain support levels. With the bearish trend still dominating, investors should remain vigilant for potential further declines. However, any signs of recovery could signal a positive move in the short term.

#TipsTradingFutures #CryptoExplorerFiesta #Binance #GravityAlphaMainet