Bitcoin Under Pressure... Will the $61,000 Support Hold?
Bitcoin is facing increasing sell pressure amidst concerns surrounding Strategy and large liquidations in the derivatives market, alongside liquidity exiting ETF funds. These factors have contributed to a decline in sentiment and pushed the price to test important support levels.
On the 15-minute chart, BTC is trading near $61,300 after a clear failure to break the $61,600 - $61,700 resistance zone. Additionally, the MACD indicator shows weakness in the bullish momentum as the bars turn negative, suggesting continued volatility or a downturn in the short term.
• Support: $61,100 then $60,700.
• Resistance: $61,650 then $62,500.
Staying above $61,100 could give Bitcoin a chance to rebound toward $61,600, while breaking this support could pave the way to test $60,700 and possibly lower levels as market pressures persist
Bitcoin is facing increasing sell pressure amidst concerns surrounding Strategy and large liquidations in the derivatives market, alongside liquidity exiting ETF funds. These factors have contributed to a decline in sentiment and pushed the price to test important support levels.
On the 15-minute chart, BTC is trading near $61,300 after a clear failure to break the $61,600 - $61,700 resistance zone. Additionally, the MACD indicator shows weakness in the bullish momentum as the bars turn negative, suggesting continued volatility or a downturn in the short term.
• Support: $61,100 then $60,700.
• Resistance: $61,650 then $62,500.
Staying above $61,100 could give Bitcoin a chance to rebound toward $61,600, while breaking this support could pave the way to test $60,700 and possibly lower levels as market pressures persist