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Bitcoin (BTC) is currently moving in a downward path in the short-term and immediate timeframe, as the price is experiencing ongoing selling pressure that has led to the loss of key support levels, while the overall trend remains bullish only if the major historical lows are maintained on the longer timeframes.
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Technical outlook and current trend
Short-term and immediate trend: bearish. The price is moving along a descending trendline that is pressuring the immediate trades.
Current situation: the price is trading around $59,968 and is struggling to stabilize above it.
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Key support and resistance levels
Main resistance: lies at $63,121. Breaking above this level and holding it is the key to easing the bearish pressure.
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Downward support levels:
Staying below $59,968 will push the price to test $57,464.
Breaking the prior support opens the door for a pullback toward $55,534 and then $52,611.
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Factors affecting the move
Whale liquidity decline: there has been a relative decrease in selling pressure from large wallets, which has slowed down the pace of the recent sharp decline.
Cautious markets: a state of anticipation dominates due to fluctuations in global liquidity and interest-rate decisions issued by the Federal Reserve.
TradingView +1
If you want to define an entry or exit strategy, what
News
Bitcoin (BTC) is currently moving in a downward path in the short-term and immediate timeframe, as the price is experiencing ongoing selling pressure that has led to the loss of key support levels, while the overall trend remains bullish only if the major historical lows are maintained on the longer timeframes.
TradingView +3
Technical outlook and current trend
Short-term and immediate trend: bearish. The price is moving along a descending trendline that is pressuring the immediate trades.
Current situation: the price is trading around $59,968 and is struggling to stabilize above it.
TradingView +1
Key support and resistance levels
Main resistance: lies at $63,121. Breaking above this level and holding it is the key to easing the bearish pressure.
TradingView
Downward support levels:
Staying below $59,968 will push the price to test $57,464.
Breaking the prior support opens the door for a pullback toward $55,534 and then $52,611.
TradingView
Factors affecting the move
Whale liquidity decline: there has been a relative decrease in selling pressure from large wallets, which has slowed down the pace of the recent sharp decline.
Cautious markets: a state of anticipation dominates due to fluctuations in global liquidity and interest-rate decisions issued by the Federal Reserve.
TradingView +1
If you want to define an entry or exit strategy, what