$BTC
is back on the defensive, retracing towards $60,000 as selling pressure mounts. Despite showing signs of resilience around $58,000 earlier this week, the inability to clear major resistance levels, specifically $62,000, suggests a potentially bearish short-term outlook.
On the technical front, a bearish signal is emerging on the daily chart as the moving average (MA) 20 crosses below the MA 50. If confirmed, this typically points to a deeper correction.
Currently, BTC is testing key support at $58,000. This level is crucial for the bullish scenario. A break below it could lead to further decline towards the strong psychological support area around $50,000.
The $50,000 level is particularly noteworthy due to its massive liquidation cluster, which often acts as a liquidity magnet. This means a move to $50,000 to "clear out" these positions before a potential recovery cannot be ruled out.
To resume its upward momentum, Bitcoin needs to reclaim $62,000 on a daily close. However, the current momentum and technical indicators suggest a retest of the lower support levels is more likely in the short term.
Summary: BTC faces immediate downward pressure. While $58,000 provides some support, a retest of the critical $50,000 support level is increasing in probability due to the emerging bearish momentum
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