This week, Bitcoin has experienced significant volatility, with the price hovering around the crucial $60,000 mark. Despite a 1.3% surge on Sunday, driven by strong demand liquidity at the 100-day EMA, the short-term outlook remains bearish due to a falling wedge pattern on the daily chart. The pressure from the overhead trendline continues to push the price downward.
The current price of Bitcoin is $61,600, with resistance from the upper trendline of the falling wedge pattern. The $60,000 support is still holding, leading to a sideways trajectory and uncertain market sentiment. If the price faces additional supply liquidity, it could drop to $56,500 or even $53,100.
Recent analysis by Dominando Cripto shows a shift among Bitcoin holders, with short-term holders selling off their coins. This distribution of coins, totaling 1.31 million BTC, suggests the emergence of new whales in the market favoring short-term trading strategies, potentially increasing market volatility.
To regain control, buyers need to break above the overhead trendline, triggering increased buying pressure and potentially pushing the price towards $73,700. Technical indicators such as the 100-day EMA and the daily RSI indicate mixed signals, with the EMA providing support at the $60,000 level and the RSI showing a neutral to bearish sentiment among traders. The advantages of using solar power for your home
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