Bitcoin Price Retreats to $61,510 Crucial Level

Bitcoin Battles for Bullish Momentum

Bitcoin price retreats to $61,510, battling for bullish momentum. The cryptocurrency market has experienced a shift in Bitcoin’s (BTC/USD) direction, with sellers managing to alter the trajectory of the crypto’s price action. After reaching the $65,040 significant level, buyers encountered strong resistance and were unable to drive the price higher.

BTCUSD Significant Zones

Resistance Zones: $65,000, $70,400
Support Zones: $56,000, $54,000
Throughout this month, buyers have taken an aggressive stance against sell-side traders. Despite starting with a bearish setup, buyers managed to push the price up from the $54,000 key level early in August to the $61,510 market area. Following a consolidation period, bulls drove the price to the $65,000 key level.

However, the recent decline in Bitcoin’s price does not entirely negate the buyers’ efforts. The Momentum indicator shows a reduction in bullish momentum, suggesting that bulls are losing their grip and giving sellers an edge.

The MACD (Moving Average Convergence Divergence) indicator, however, signals that the bullish momentum may be strengthening. The overall market atmosphere still indicates a potential for bullish momentum to recover amid this pullback.

Market Expectation

Sellers are approaching the $61,000 key zone on the lower time frame, which could lead to either a rebound or further decline in the price. If the Momentum indicator rises again, it could signal a positive shift for buyers to gain more ground.
Conversely, the MACD remains in a bearish stance on the short-term time frame. An immediate crossover might create a more favorable environment for traders to prepare for a bullish entry, according to current crypto signals.

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