Current Price: Bitcoin (BTC) is trading around $62,300, after recovering slightly from a drop below $60,000 in recent days. After a strong rally, BTC faced selling pressure when it peaked at $65,000 in early October and is now testing key support levels.
Technical analysis:
- BTC is currently below the 200-day moving average, an uncertain sign for the mid-term uptrend.
- The key support level to watch is $60,000. If Bitcoin holds this level, there is a chance that the price will recover to the $65,000 - $66,500 zone.
- Conversely, if selling pressure continues to increase, BTC could correct deeper and test the $55,000 threshold.
Market Comment:
The market is still affected by geopolitical factors and monetary policy from the Fed. Bitcoin ETFs in the US continue to inject capital into the market, creating short-term momentum. However, investors need to be cautious and closely monitor important price zones.
đĄ Advice: To ensure an effective investment strategy, stay updated with news regularly and use technical analysis to identify BTC support and resistance levels.
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