The next couple of days will be critical in understanding Bitcoin’s short-term future. While there’s a possibility of continuing the short-term bullish trend, there’s not much bullish momentum at the moment. According to analyst Josh of Crypto, Bitcoin is currently being rejected from a critical area of resistance. Here’s a breakdown of his analysis:
The analyst said that the SuperTrend indicator is still showing red, hinting at a bearish (downward) trend. While there hasn’t been much change in the past day, the 2-day time frame shows Bitcoin is still stuck in a larger bearish trend, with lower highs and lower lows. The next levels to watch are:
If Bitcoin manages to break above the $61,000 resistance, we could see a rise to around $63,000. On the downside, if Bitcoin falls below $56,000, it could lead to a continuation of the trend, further pushing the price down.
Bitcoin recently hit overbought levels, signaling that the price was too high in the short term. As a result, a short-term pullback or sideways movement was expected, and that’s exactly what’s happening now. However, as long as Bitcoin remains above $56,000 to $57,000, it’s possible for a short-term bullish trend to continue, despite the larger bearish movement.
In the immediate short term, Bitcoin is showing a neutral trend. The price needs to bounce back within the next 1 to 2 days to keep the short-term bullish trend alive. If Bitcoin fails to recover soon, it risks further downward movement.
The Bitcoin liquidation heat map shows liquidity building both to the upside and downside:
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