Bitcoin (BTCUSD) Price Analysis
Expected Scenario
Bitcoin price (BTCUSD) has opened today’s trading session with a significant decline, aiming to achieve our initial target at $58,200. Further downside momentum is anticipated to drive the price towards $56,160, which represents the 50% Fibonacci correction level for the entire rise from $38,500.56 to $73,817.92.
Therefore, we expect the bearish trend to continue dominating in the upcoming sessions, as observed within the bearish channel visible on the chart. It is noteworthy that a break above $60,330 could halt the expected decline and potentially initiate a bullish wave targeting initial tests around $63,260.
Expected Trading Range
Support: $56,160
Resistance: $60,330
Trend Forecast: Bearish
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