Bitcoin (BTC) Recovered, But Bears Are in Control
Bitcoin shows some strong movements on market, but at same time, bears were never losing control
Despite a rebound over the weekend, Bitcoin remains under bearish control as it faces multiple resistance levels and high market risk. It saw its value climb amid a weakening dollar, yet the prevailing sentiment on the market remains cautious.
Bitcoin recently tested the 26-day EMA, an important technical threshold. This level is proving to be a formidable barrier, and there is a real possibility that BTC may not break through. If this resistance holds, Bitcoin could see a retest of the $58,000 mark, which has emerged as a strong support level over recent months. Additionally, the 100-day EMA is lurking around $60,000, reinforcing this critical price zone.
