Bitcoin Facing Bearish Pressure: Analysts Predict Further Downside
Bitcoin and the wider cryptocurrency market are currently grappling with bearish pressure, with Bitcoin struggling to maintain levels above $60,000. Analysts are predicting further downside for the flagship digital asset in the near term.
Analysis of Bitcoin’s Setbacks
- Bitcoin recently broke below the crucial 1D MA100 at around $61,000, a significant support level, raising concerns among traders and analysts.
- Analysts suggest that this setback could lead to Bitcoin forming a lower low in its price action, potentially testing the 1D MA200 around $50,000.
Experts highlight that Bitcoin’s current woes may be part of a broader market correction, with technical indicators pointing towards further downside potential for the cryptocurrency.
Bitcoin’s Bullish Sentiments
- Despite facing resistance at $65,000, Bitcoin remains part of ongoing bullish sentiments, with optimism for a post-halving rally.
- Positive news, such as JPMorgan Chase’s involvement in ETFs, has failed to provide the expected momentum for Bitcoin.
Jack Dorsey’s projection of a potential surge to $1 million by 2030 and historical post-halving rally patterns add to the optimism within the market.
Bitcoin Price Analysis
- Bitcoin is currently trading at $61,050, showing marginal corrections over the past 24 hours with a weekly decline of nearly 4%.
- Investors are advised to monitor Federal Reserve monetary policies as they could impact risk assets, including cryptocurrencies, in the near future.
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