Bitcoin Continues to Face Bearish Pressure as Bulls Struggle to Regain Momentum

Bitcoin is Grappling with Ongoing Bearish Pressure as Buyers Fail to Break Through the Crucial $65,260 Level

Bitcoin bulls, currently trading around the $58,590 mark have been struggling to regain their footing after making significant efforts in recent days. Last week, the bullish momentum was derailed as buyers were unable to penetrate the $65,260 resistance zone, leaving the cryptocurrency vulnerable to further declines.

BTCUSD Market Levels

Resistance Levels: $70,000, $61,420
Support Levels: $57,930, $56,180
The bearish trend has been dominant since last week, and sellers are now eyeing the $57,930 support area as their next target. This level was previously a consolidation zone before buyers managed to push prices higher. The coming days will determine whether the market will see a further decline or if buyers will manage to change the market’s course.

At this juncture, the Bitcoin price faces a critical test. Sellers could push the price lower, or buyers might seize the opportunity to initiate a reversal. However, the overall market sentiment still leans bearish.

The MACD (Moving Average Convergence and Divergence) indicator is currently hovering around the mid-level, showing no clear direction. Meanwhile, sellers remain in control as the Stochastic Oscillator trends lower on the daily chart.

Market Expectation

In the short term, buyers are making a strong effort to counter the selling pressure. The $57,930 support level is now a crucial point that could either trigger a reversal or see sellers pushing the price further down.
While the Stochastic Oscillator shows signs of pulling away from the sell zone, the MACD remains below the neutral area, suggesting that the market is still under bearish influence. Traders following crypto signals should keep a close eye on these indicators for any signs of a potential market shift.

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