Bitcoin Price Pulls Back, Bears Regain Control, $60,000 Support at RiskDespite showing signs of a rebound after briefly breaking above $66,000, Bitcoin's price has fallen again under continued pressure from bears. Failure to break above the MA-200 further adds to the bearish sentiment, suggesting the recent rally may be short-lived and could face significant downside risk in the future
Bitcoin Price Pulls Back, Bears Regain Control, $60,000 Support at Risk
Despite showing signs of a rebound after briefly breaking above $66,000, Bitcoin's price has fallen again under continued pressure from bears. Failure to break above the MA-200 further adds to the bearish sentiment, suggesting the recent rally may be short-lived and could face significant downside risk in the future.
Crypto analyst RLinda points out that Bitcoin attempted to break through the MA-200 level, targeting resistance between $64,000 and $65,000. However, the level proved too strong, leading to further suppression of the price. The failure at the MA-200 has pushed Bitcoin into a descending channel, often considered a precursor to market crashes. Simultaneously, the price has broken through the range boundaries, forming a strong liquidity zone, leading analysts to believe that further downside is likely. With bears dominating the market, a pullback in Bitcoin's price appears imminent, and analysts expect a decline of at least 10%, potentially pushing it below $60,000 again.
Analysts highlight key resistance levels at $62,745 and $64,955, with a successful break above these levels confirming an uptrend. Conversely, support levels are pegged at $60,000, $59,250, and $57,700. If Bitcoin fails to hold these levels, the decline could be deeper, potentially reaching as low as $52,000.
Another analyst, AlanSantana, also underscores the bearish pressure arising from Bitcoin's inability to break above the MA-200. He points out that the current price being below the MA-200 reinforces the bearish bias in the market, hinting at further potential declines.
However, several factors could alleviate the bearish pressure. Firstly, if Bitcoin manages to close above $66,500 on the weekly chart; secondly, if it closes above $71,000 on the monthly chart; both scenarios would help alleviate the current bearish pressure. As long as Bitcoin's price remains below $66,500 (short-term) or $71,000 (long-term), the bearish trend persists.
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