Bitcoin Analyst Warns of Further Correction⚠️
As Bitcoin attempts to hold above the $57,000 mark, a crypto analyst has issued a caution to investors about potential further correction in the market.
Crucial Volume Trends Highlighted📈
In a recent post on TradingView, analyst Alan Santana delved into Bitcoin’s bearish trends, emphasizing crucial volume indicators and price movements observed in the market.
- Santana’s analysis focused on significant volume trends over the past few months.
- He highlighted the highest daily volume observed on March 5, which marked the beginning of a 111-day trend of decreasing volume until a breakout on June 24.
- The expert pointed out that Bitcoin saw another high in daily trading volume on July 5, reinforcing the bearish sentiment in the market.
Key Price Levels to Monitor⏰
Santana’s analysis indicated consistent volume decline until the breakout on June 24, followed by another spike on July 5. He emphasized critical support levels around $44,000 and resistance levels near $72,000.
- Bitcoin’s price action suggests a possible test of lower support levels if the bearish trend persists.
- The expert noted that the bearish wave for Bitcoin continues to unfold, with selling pressure evident in the market.
- Bitcoin may be heading towards the $50,000 mark, potentially testing lower support levels around $44,000.
Analysis of Bitcoin’s Price Movement📊
Following a drop to around $54,400 in the last 24 hours, Bitcoin has recovered to trade at $57,190. However, the daily and weekly timeframes reflect a bearish sentiment, with significant declines observed.
- Bitcoin has been on a downtrend over the past seven days, influenced by key events in the market.
- The cryptocurrency found strong support at $56,000, rebounding multiple times from this level.
- Resistance at $60,000 has proven challenging to overcome, indicating a crucial level for investors to monitor.
Hot Take: Caution Advised in Current Bitcoin Market🔥
As an investor, it’s essential to stay vigilant in the current Bitcoin market environment. Take note of key support and resistance levels highlighted by experts and monitor price movements closely to make informed decisions.
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