đšNext Move Of Bitcoinđ±đ
đOn October 3, 2024, Bitcoin is experiencing some bearish momentum, trading around $60,562.19, reflecting a 0.47% drop. Market sentiment shows that bears are currently exerting pressure on prices, which may lead to further downward movement if critical support levels fail to hold
ăđă.Technical Analysis:The 50-day Simple Moving Average (SMA) is below the current price, which suggests that Bitcoin is in a vulnerable position.The Relative Strength Index (RSI) is neutral but edging towards oversold territory, signaling that further selling could continue
ăđăKey Support Levels: If Bitcoin drops below the $60,000 mark, the next support lies around $55,000. Should this level be breached, it could trigger a broader correctionăă
đ.Market Sentiment:Traders are cautious, with mixed sentiment in the crypto market due to macroeconomic uncertainty and regulatory concerns. Short-term traders are advised to monitor key levels, while long-term holders are likely to maintain positions in anticipation of a potential recovery later this year.In summary, today's trend is bearish, and Bitcoin might face more downward pressure unless buying interest increases in the coming sessions.
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