Bitcoin Price Struggles Below $60,000 as Bearish Pressure Persists

Bitcoin Extends its Losses Below $60,000 Amidst Ongoing Bearish Pressure

The Bitcoin price continues to struggle below the $60,000 mark as bearish pressure dominates the market. As the leading cryptocurrency, Bitcoin is still trading below this crucial level, with sellers maintaining control. Despite the start of a new month, the bears have shown no sign of relenting in their efforts to push the price lower.

BTCUSD Key Levels

Resistance Levels: $68,000, $65,000
Support Levels: $57,000, $54,000
Last month was marked by mixed sentiments, with buyers initially demonstrating dominance. The bulls managed to drive the price up from the significant $53,830 level, approaching the $65,000 mark. However, this bullish momentum was short-lived as sellers stepped in, pushing the price down through the key $61,230 level.

Throughout this week, the bulls have attempted to regain their footing, but the bears have successfully pushed the price below the significant $57,340 level. Currently, Bitcoin price is trading around the $56,000 area, with sell-side traders remaining confident in driving the price even lower.

Technical indicators are in alignment with the bearish sentiment. The Parabolic SAR (Stop and Reverse) on the daily chart continues to indicate a selling trend, which is further supported by the RSI (Relative Strength Index).

Market Expectation

In the short-term timeframe, sellers are still exerting pressure on the crypto price, with a bearish trend forming lower lows.
The continued bearish support from the Parabolic SAR and RSI suggests that Bitcoin is likely to fall back to the significant $54,000 level if this downward pressure persists. Investors should keep an eye on crypto signals for any potential shifts in market dynamics.

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