Bitcoin's Bearish Momentum Builds: Could 55k Be the Next Target?
Updated
On Sunday, I shared an article expressing my view that Bitcoin might remain in a range for an extended period. As expected, whenever someone suggests something other than Bitcoin rising, critics are quick to respond.
However, Bitcoin has since broken below its local support and dipped to the 60k level. Looking ahead, I expect the decline to continue, with BTC/USD likely to fall well below 60k.
Currently, the 63k zone is acting as resistance, and any rallies into this area present potential selling opportunities for speculative traders.
A reasonable target for this downtrend could be around 55k, with the invalidation of this bearish scenario occurring if Bitcoin breaks back above the 65k level.
However, Bitcoin has since broken below its local support and dipped to the 60k level. Looking ahead, I expect the decline to continue, with BTC/USD likely to fall well below 60k.
Currently, the 63k zone is acting as resistance, and any rallies into this area present potential selling opportunities for speculative traders.
A reasonable target for this downtrend could be around 55k, with the invalidation of this bearish scenario occurring if Bitcoin breaks back above the 65k level.
Trade active
It seems like BTC has no power for a new test of 62500 zone.
Break of 60k seems imminent
I'm short with 55k target
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