The recent Bitcoin recovery has not been as successful as anticipated, failing to surpass the $60,000 mark despite a resurgence of bullish activity. Analysts are now predicting a bearish reversal, with Finn Oakes forecasting a return to the $53,000 range.
A double top pattern has emerged in the Bitcoin price, as noted by Finn Oakes on TradingView. This pattern indicates a bearish trend, with $59,000 identified as a strong resistance level that must be overcome for any potential rally.
The $56,000 mark has now become a key support level for Bitcoin, giving both bulls and bears a narrow $3,000 range to battle for control. If the price falls below this support, Oakes expects a decline to $53,000, with a worst-case scenario seeing a further drop to $52,000.
Increasing trading volume during the downtrend suggests heightened selling pressure, further reinforcing the current bearish trend. Despite struggling to hold the $58,000 level, Bitcoin has still managed 1.08% gains in the last day, according to Coinmarketcap data.
In summary, the Bitcoin price faces challenges in breaking key resistance levels and may see further declines in the near future.