Current Bitcoin (
BTC) price action suggests a descending channel formation, with notable support around the $60k mark. Analysis indicates the potential formation of a descending triangle pattern, where the lower boundary aligns with the $60k support level. By projecting the triangle's peak downward, strong support zones emerge in the range of 
49K-$52k.
Additionally, the weekly Relative Strength Index (RSI) is indicating a downward trend, signaling a potential correction. Given these technical indicators, it's prudent to anticipate a corrective move in Bitcoin's price.
BTCUSDT BTCUSD
BTC) price action suggests a descending channel formation, with notable support around the $60k mark. Analysis indicates the potential formation of a descending triangle pattern, where the lower boundary aligns with the $60k support level. By projecting the triangle's peak downward, strong support zones emerge in the range of 49K-$52k.Additionally, the weekly Relative Strength Index (RSI) is indicating a downward trend, signaling a potential correction. Given these technical indicators, it's prudent to anticipate a corrective move in Bitcoin's price.
BTCUSDT BTCUSD 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.