Bitcoin Buyers Seek Fresh Momentum for Recovery

BTCUSD (Bitcoin) Bulls Struggle to Regain Position

Bitcoin buyers are seeking fresh momentum for recovery amid strong selling pressure. BTCUSD buyers are looking for renewed strength as the market faces intense bearish pressure, with prices falling below the critical $59,650 support level.

Bitcoin Key Levels

Resistance Levels: $64,000, $62,500
Support Levels: $59,650, $54,000
The recent decline follows last week’s drop from the $64,000 level, where sellers took control, causing buyers to retreat and the Bitcoin crypto to lose significant ground. At present, buyers are cautiously trying to accumulate gains in hopes of a recovery, but overall market sentiment remains bearish as sellers maintain their dominance.

The Parabolic SAR (Stop and Reverse) indicator provides limited clarity in determining market control, reflecting an ongoing battle between buyers and sellers. However, the Relative Strength Index (RSI) leans toward a bearish outlook, indicating that selling activity still prevails. The daily chart shows intensified selling pressure as buyers struggle to regain control, facing resistance in their attempts to reverse the bearish trend.

Bitcoin’s path to recovery depends on buyers gaining new momentum to challenge the sellers’ dominance. With the market currently showing a bearish tilt, any recovery would require a stronger bullish push to shift control.

Market Expectation

In the short term, buyers are attempting to rebound, but their efforts lack the strong bullish momentum or volatility needed for a decisive move.
The RSI remains tilted toward selling pressure, while the Parabolic SAR suggests a potential reversal could be on the horizon. However, buyers need a clear entry point to establish a firm position in the market. Incorporating crypto signals could provide the necessary insights for this shift.

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