Last week, Bitcoin experienced a significant downturn, breaking through its critical support level at $56,500 and dropping to a low of $53,300. Currently, the market is in a consolidation phase, trading within the range of $54,000 to $58,000.
Here’s a deeper analysis of the potential scenarios unfolding:
1. Potential Upside Scenario: If Bitcoin manages to climb...
The price of Ethereum (ETH) experienced a significant decline today, breaching the previously strong support zone at $2,850 . This price movement indicates a potential shift in the market sentiment.
Traders are now closely watching the next support level at $2,250 . This zone is considered historically significant and could offer some stability to the price....
Bitcoin dropped past the $61,500 support level last week and attempted to reach the $56,500 support zone for the first time, but failed. The price then rose back to $63,884 .
Over the past few days, Bitcoin has started dropping again and today it fell even lower to $57,850 (lower than the previous low of $58,276 ).
A resistance zone is beginning to form...
PHEMEX:BTCUSDT.P
At the time of writing, BTC continues to drop, now testing the critical $61,500 support zone. A retrospective look at the BTC daily chart reveals several Lower Highs on April 8th, May 21st, and most recently on June 7th. As market enthusiasts are aware, a pattern of lower highs and lower lows indicates bearish momentum.
Fortunately, we have...
