The price of Bitcoin (BTC/USD) recently struggled to confirm a breach above the $58,660 level, resulting in a bearish rebound towards the key support at $56,160. This price action has left Bitcoin trapped between these pivotal levels, which are crucial for determining the next directional movement.
Analysts emphasize that a break below the support at $56,160 would likely prompt a continuation of the primary bearish trend, potentially targeting downside objectives around $51,990. Conversely, a breakthrough above the resistance would signify a bullish breakout, paving the way for gains starting at $60,325 and extending towards $63,230 as significant upside targets.
Today’s anticipated trading range is expected between support at $55,000 and resistance at $59,500.
Trend Forecast: Neutral
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