Bitcoin Dips Back to $61,800 Key Level as Sellers Take Charge

BTCUSD Buyers Lose Momentum as Sellers Take Control

The Bitcoin crypto has dipped back to the $61,800 key level as sellers take charge, gaining momentum after a shift in market trend. Following several weeks of dominance by the buyers, the sellers are now asserting their presence and pushing prices lower. The bullish trend, which began in September with buyers recovering from a low of $52,500, saw Bitcoin reach a notable high of $66,600. However, the recent pullback suggests that the market could be experiencing either a temporary correction or the beginning of a potential trend reversal.

BTCUSD Key Levels

Resistance Levels: $66,600, $63,800
Support Levels: $61,800, $57,500
Bitcoin’s rally saw a robust recovery after buyers initially faced resistance at the $60,000 key level, leading to a dip down to $57,500. Despite this, the bulls managed to regain momentum, pushing the price back up to a high of $66,600. Now, the market has reversed, with prices retreating to the $61,800 support area. It remains uncertain whether this is a mere pullback or the start of a broader bearish trend.

The RSI (Relative Strength Index) has crossed into bearish territory, indicating that sellers have overtaken the buyers. This shift in momentum suggests the market could see further downside in the near term. Additionally, the Moving Average crossover is nearing completion on the daily chart, and if confirmed, it could solidify the bearish shift.

As sellers continue to drive the market, the critical level to watch is the $61,800 support zone. If the price breaks below this level, the next target could be the $57,500 support area. The combination of the Moving Average crossover on the daily chart and bearish signals from the RSI implies that sellers are likely to maintain pressure on the market.

Market Expectation

In the short term, the Bitcoin crypto is expected to remain under selling pressure, with the potential for further declines toward $61,800 and below. Both the RSI and Moving Average indicators suggest that sellers currently hold the upper hand.
Bulls will need to regroup and regain strength to reverse the current trend, but for now, the market sentiment favors the bears. Traders should monitor key support and resistance levels, using crypto signals to anticipate the next significant move.

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