Bitcoin Faces Setback After Failed Attempt to Reclaim Key Levels
Recent Market Activity: Last night, 
BITCOIN experienced a sell-off, dropping to the next support level after attempting to reclaim both the Daily 200 Moving Average (MA) and the $64,000 resistance level at the end of last week.
Key Levels:
Daily 200 MA: A reclaim of this level would have been very bullish, but the drop below it in the last two days indicates that the bulls are not ready to push higher.
Resistance at $64,000: BTC’s failure to reclaim this level signals continued weakness.
Bearish Signals: With this being the second lower high on the Daily time frame since June, Bitcoin is clearly indicating that it is not yet ready to move higher.
Short-Term Outlook:
Possible Move Up: A short-term move back up to retest the top of the range at around $61,000 is possible.
Bearish Scenario: If Bitcoin is rejected at $61,000, further downside is expected, with potential support levels at $56,500 and the lower range around $54,000.
Trading Strategy: Traders should remain cautious and monitor the key levels closely for signs of rejection or strength.
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Rejection #MovingAverage #PriceAction
BITCOIN experienced a sell-off, dropping to the next support level after attempting to reclaim both the Daily 200 Moving Average (MA) and the $64,000 resistance level at the end of last week.Key Levels:
Daily 200 MA: A reclaim of this level would have been very bullish, but the drop below it in the last two days indicates that the bulls are not ready to push higher.
Resistance at $64,000: BTC’s failure to reclaim this level signals continued weakness.
Bearish Signals: With this being the second lower high on the Daily time frame since June, Bitcoin is clearly indicating that it is not yet ready to move higher.
Short-Term Outlook:
Possible Move Up: A short-term move back up to retest the top of the range at around $61,000 is possible.
Bearish Scenario: If Bitcoin is rejected at $61,000, further downside is expected, with potential support levels at $56,500 and the lower range around $54,000.
Trading Strategy: Traders should remain cautious and monitor the key levels closely for signs of rejection or strength.
#Bitcoin #BTC #Crypto #MarketAnalysis #TechnicalAnalysis #Cryptocurrency #SupportAndResistance #Bearish #Rejection #MovingAverage #PriceAction
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