Bitcoin Price Pulls Back: Signs of Recovery Weakening?
The current market position of Bitcoin suggests a downward trend following its inability to sustain a momentum above the $60,000 resistance zone. The cryptocurrency is now positioned to move lower and may potentially test the $57,650 support zone.
According to market data, Bitcoin’s descent from the $60,000 resistance zone has led to its current trading position below $58,800 and the 100 hourly Simple moving average. The establishment of a top near the $60,200 level has signaled the initiation of a new downward trend, resulting in a decline below the $58,500 support zone and a downward trajectory below the 23.6% Fib retracement level.
The current market indicators suggest that the cryptocurrency may encounter provisional downward support levels at $57,650, followed by the $57,000 and $55,500 support zones in the near term. On the upside, immediate resistance is anticipated near $58,800 and $59,500, with the potential for further progress leading to a test of the $60,000 resistance.
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It is important to recognize that the information provided by Aayush Jindal and NewsBTC is for educational purposes only and should not be construed as financial advice. It is highly recommended for individuals to conduct personal research before making any investment decisions and carefully consider the risks associated with investing. Staying informed through credible sources and exercising sound judgment is crucial for successful investment strategies as the market fluctuates.
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