Bitcoin experienced a slight rebound over the weekend, but it is still facing bearish control amid multiple resistance levels and high market risk. Despite a rise in value due to a weakening dollar, cautious sentiment prevails in the market.
The 26-day EMA is proving to be a tough barrier for Bitcoin, with the possibility of not breaking through. If this resistance holds, Bitcoin may retest the $58,000 support level, which has been strong in recent months. The 100-day EMA around $60,000 adds to the importance of this price zone.
The volume is neutral with a slight downward trend, indicating a lack of strength for an imminent bullish reversal. Market sentiment, reflected in various risk indicators, continues to show caution. Liquidation of long positions has cooled down market momentum, leading to a consolidation phase.
Bitcoin enthusiasts are watching closely to see if BTC can surpass the $65,000 resistance level, potentially boosting market sentiment towards $70,000. However, the overall narrative remains bearish as Bitcoin struggles to break through key EMAs and high-risk signals persist. The focus now is on whether Bitcoin can hold above $60,000 or if it will face more sell-offs, confirming the bearish trend.