#Bitcoin (BTC) failed to break above the crucial $63,000 resistance level, signaling bearish pressure.
The bears took control and pushed BTC below the $60,000 support zone, reaching a low of $57,885.
BBitcoin's price movement forms a triple black crow pattern, signaling a potential breakdown below dynamic support.
Currently, BTC is attempting to hold support at the lower end of a cup & handle pattern visible on the weekly chart.
$BTC experienced its third consecutive bearish day, resulting in a 6.70% weekly decline attributed to rapid whale sell-off following Mt. Gox release.
On the daily chart, #Bitcoin is trading below the 50-day and 100-day moving averages, finding support near the 200-day MA.
According to Coin Gabbar analysis, If BTC closes below the 200-day MA and remains under $60,000, the next targets are $56,500 and $53,000.
A bullish scenario involves BTC holding above the 200-day MA and reclaiming $60,000-$63,000 levels for potential retests.
KEY LEVELS :
RESISTANCE LEVEL : $60,000-$63,000
SUPPORT LEVEL : $56,500-$53,000
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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