🚨 Analyst: Can Bitcoin hold up at several key support levels?
Bitcoin prices are stuck around $55,000, and $58,000 has become a hurdle it must cross. Analysts believe that if it fails to break through in the short term, we may see its price fall back to $48,000.
Market sentiment is now nervous, and everyone is watching inflation data and the Fed's movements. At the same time, the possibility of a rate cut in September makes the market more uncertain.
At the same time, the Fear and Greed Index fell to 22 for a short time, showing investors' concerns and may also indicate that prices will continue to fall. The last time the index fell to such a low level was during the FTX crash in November 2022.
Analysts are keeping a close eye on the key point of $58,000. If it can break through, Bitcoin may continue its bull run and even set new highs. But if it doesn't, we may see a deeper correction, and $48,000 will be the next key support level.
Analysts such as Micheal van de Poppe and Trader XO believe that if Bitcoin fails to stay above $58,000 in the short term, we could see it fall to $53,000 or even $48,000.
💡 So, the next few days will be critical for Bitcoin. Investors should keep a close eye on macroeconomic factors and whether Bitcoin can break through the $58,000 resistance level. If not, we may have to prepare for a longer period of downturn.
💬 Do you think Bitcoin can break through the $58,000 resistance level in the short term? If the price of Bitcoin falls, how do you plan to deal with it? Will the Fed's policy and inflation data affect your investment strategy? See you in the comments!
