Bitcoin (BTCUSD) opened today with pronounced negativity, reaching our anticipated target of $56,160 and testing its breach. This suggests the potential for further declines in the coming sessions. A confirmed break below this level would likely push the price toward the next support at $51,990.
The 50-day Exponential Moving Average (EMA50) continues to exert negative pressure on the price, reinforcing the bearish outlook. This trend will remain in effect unless Bitcoin rallies above $60,326.70 and sustains its position above this level.
The expected trading range for today is between $54,300 support and $58,200 resistance.
Trend Forecast: Bearish
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