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BTCUSD sellers are in control and maintain momentum
Bitcoin (BTCUSD) sellers gain momentum by targeting the $67,300 level. Recently, bearish sellers have taken charge, aiming to push the Bitcoin price down. Despite Bitcoin being in a consolidation phase, the bearish intensity is expected to break through soon. The market struggle has persisted for weeks, but the bears are intensifying their efforts.
BTCUSD Key Levels
Resistance Levels: $71,960, $67,300
Support Levels: $60,340, $56,980
Throughout May, buyers showed strength, pushing past the $60,340 key level and reaching the $67,300 significant level. The price expansion beyond this zone saw bulls penetrate deeper to the $71,960 level.
Now, sell traders are looking to reverse the trend due to price accumulation. If selling pressure intensifies around the $67,300 price zone, it can confirm a reversal trend. The Bollinger Band indicator still allows for more expansion, and the RSI (Relative Strength Index) reflects growing seller strength in the market.
Market Expectation
In the short term, sellers are gaining strength and may potentially break through the $67,300 price level. A significant move below this level can push buyers out temporarily, further solidifying bearish dominance. Monitoring the market with the right crypto signals will be crucial for traders to anticipate the next move.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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