$BTC bearish indicator pointing towards the $40,000 level.
Updated
- Current trend: The chart indicates a bearish trend in the short term, with the price currently at $56,685, down 6.03% for the week.
- Historical patterns: The chart shows significant volatility over the years, with notable bull runs in 2020 and 2021, followed by a bearish 2022.
- Seasonality: There's a pattern of strong performance in Q4, particularly in October and November, across multiple years.
- 2024 performance: Bitcoin started strong in 2024, with substantial gains in January (46.58%) and February (13.97%), but has shown weakness in recent months.
- Key levels: The $56,895 level appears to be a significant support/resistance level that the price is currently testing.
- Volume: Trading volume has been relatively consistent, with some spikes correlating with major price movements.
- Future outlook: The chart suggests a potential further downside, with a bearish indicator pointing towards the $40,000 level.
- Comparison to previous years: The current year's pattern differs from historical trends, showing strength in early months rather than later.
Trade closed: stop reached
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