Next support levels and potential downward scenarios
Updated
Bitcoin has entered a critical phase after breaking the $63,500 support level, which could lead to significant changes in the price trend.
Initial Support Level:
The $63,500 level, which was considered an initial support floor, has been broken. This event indicates increased selling pressure and reduced investor confidence in the market.
Secondary Support Level:
The next support level is currently at $62,500. This level acts as a key point to prevent further price declines. If the price can stay above this level, there is a chance for a price rebound.
Downward Scenarios:
If the $62,500 level is also broken, there is a possibility of the price falling to the $60,000 or even $58,000 range. This decline would indicate more selling pressure and further reduction in investor confidence. In this case, the market will need stabilization and recovery of investor trust.
Initial Support Level:
The $63,500 level, which was considered an initial support floor, has been broken. This event indicates increased selling pressure and reduced investor confidence in the market.
Secondary Support Level:
The next support level is currently at $62,500. This level acts as a key point to prevent further price declines. If the price can stay above this level, there is a chance for a price rebound.
Downward Scenarios:
If the $62,500 level is also broken, there is a possibility of the price falling to the $60,000 or even $58,000 range. This decline would indicate more selling pressure and further reduction in investor confidence. In this case, the market will need stabilization and recovery of investor trust.
Trade active
Bitcoin is in a downtrend and is nearing the support range of 58,000 to 60,000.If confirmation signals are observed within this range, it can be expected that Bitcoin might initiate an upward move according to the liquidity accumulation scenario.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Related publications
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.