Bitcoin (BTCUSD) Price Analysis
Bitcoin (BTCUSD) has commenced today’s trading session with a notable decline, breaking below the crucial support level of 56160.00$. This development reinforces the continuation of the bearish trend in both the intraday and short-term perspectives. Our next anticipated target stands at 51990.00$, marking the 61.8% Fibonacci correction level calculated from the entire rise observed between 38500.56$ and 73817.92$.
The presence of a double top pattern on the chart signals a potential completion, suggesting further downside risks over the longer term. However, a decisive break above 56160.00$ and sustained trading above this level could alleviate the current negative pressure, prompting Bitcoin to initiate recovery attempts on an intraday basis.
Expected Trading Range
The expected trading range for today is anticipated to fluctuate between a support level of 52000.00$ and a resistance level of 57000.00$.
Trend Forecast: Bearish
Related topics: