Following an extended sideways consolidation phase, Bitcoin underwent a downtrend, touching the significant support zone around $60K. However, expectations point towards a resurgence in buying pressure, potentially leading to a rebound.
Technical Analysis
By Shayan
The Daily Chart
A comprehensive review of the daily chart unveils an extended period of sideways consolidation within the pivotal price range of $60K to $72K, with the recent price action seeing a decline towards the lower boundary of this range.
Currently, Bitcoin finds itself at a crucial support zone, spanning between the 0.5 ($62,181) and 0.618 ($59,444) Fibonacci retracement levels, in alignment with the vital 100-day moving average at $59K.
This support region holds significant importance and could trigger a bullish reversal in the short term. However, a sudden and unexpected breach below this critical level could catalyze a long-squeeze event, leading to a notable downward movement.
Source: TradingView
The 4-Hour Char
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