BTCUSD Bearish Strength Lingers

Bitcoin is Facing Bearish Pressure Near the $63,600 Key Level

BTCUSD bearish strength lingers as buyers continue to lose grip. The crypto market trend shifted earlier this month, with bears charging through the $63,600 significant level and refusing to relent. After struggling around the $72,000 market area, consolidation at this level has pressured buyers, causing them to withdraw.

BTCUSD Key Levels
Supply Levels: $71,000, $73,850
Demand Levels: $60,600, $64,000
Sellers have taken control, and last week they breached the $67,400 key area. After pushing further, buyers returned to retest this key level, confirming sellers’ dominance and allowing for further downward movement. The bears have currently approached the $63,600 market area, with their bearish strength lingering without signs of exhaustion.

In this state, the bearish market is likely to penetrate the $63,600 significant area. The RSI (Relative Strength Index) indicator continues to move, giving sellers more opportunities to push further. The Parabolic SAR (Stop and Reverse) is also indicating bearish sentiment, suggesting that a breach beyond the $63,600 key level is still plausible.
Market Expectation
In the short-term timeframe, traders are advised to continue applying pressure in the market. Buyers are attempting to reduce bearish pressure, which may only limit sell sentiment temporarily. The RSI is trading in the oversold territory, while the Parabolic SAR remains in a clear bearish trend as buyers struggle to pull back. Amidst this, traders can seek the right crypto signals for optimal entry points.

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