๐ Bitcoin is under selling pressure.. Will the $59,400 support hold?
$BTC continues to face notable selling pressure after dropping to $59,403, before attempting to stabilize near $59,600. Price action on the 15-minute timeframe still reflects seller control, with Bitcoin trading below the main moving averages.
๐ Technical analysis
The MACD reading indicates that negative momentum continues, reflecting the persistence of selling pressure in the short term.
๐น Main support: $59,400
๐น First resistance: $60,100
๐ Bearish scenario: A break below $59,400 could increase selling pressure and open the door to testing lower support levels.
๐ Bullish scenario: If the price manages to reclaim $60,100 and close above it, momentum could improve and the chances of a new recovery wave could increase.
โ ๏ธ Conclusion: Bitcoin is currently moving at a highly important technical level. Holding the $59,400 support may give buyers a chance to regain control, while breaking it could reinforce the continuation of the short-term downtrend. Therefore, monitoring these two levels remains essential before making any trading decision, along with adhering to risk management.
$BTC
$BTC continues to face notable selling pressure after dropping to $59,403, before attempting to stabilize near $59,600. Price action on the 15-minute timeframe still reflects seller control, with Bitcoin trading below the main moving averages.
๐ Technical analysis
The MACD reading indicates that negative momentum continues, reflecting the persistence of selling pressure in the short term.
๐น Main support: $59,400
๐น First resistance: $60,100
๐ Bearish scenario: A break below $59,400 could increase selling pressure and open the door to testing lower support levels.
๐ Bullish scenario: If the price manages to reclaim $60,100 and close above it, momentum could improve and the chances of a new recovery wave could increase.
โ ๏ธ Conclusion: Bitcoin is currently moving at a highly important technical level. Holding the $59,400 support may give buyers a chance to regain control, while breaking it could reinforce the continuation of the short-term downtrend. Therefore, monitoring these two levels remains essential before making any trading decision, along with adhering to risk management.
$BTC