Bitcoin (BTC) Neutrally Stands at 55 After Weeks of Decline

Bitcoin's fear and greed index neutrally stands at 55 after weeks of decline. It just lost grip again and fell into the $61k range, looking poise for a

Bitcoin’s price has shown signs of weakness over the past three weeks following a 15% correction from its all-time high. This correction has seen BTC lose grip of the $72,000-$74,000 price zone.

After posting a massive loss today, BTC is now trading in the $61,000 range. This price zone coincides with a long ascending trendline, which has served as support since the price broke above $50,000 in February.

A four-hour candlestick close below this support line could trigger a sell-off to the May low ($56,552), setting the stage for a liquidity sweep (inducement) to $53,000 before reversing the trend. Confirming a double-top pattern from $72,000.

On the other hand, a rejection at this support line could activate a bounce, bringing the bulls back into action in the near term.

Bitcoin still looks bullish on the macro level despite the bearish correction, which is healthy for the market to produce a stronger rally when it finds a firm threshold.

Bitcoin’s Price Action Still Bullish Despite Near-Term Weakness

After losing grip of the $72,000-$74,000 price zone, Bitcoin has shown signs of weakness over the past three weeks. This correction has seen the top cryptocurrency trade below several key support levels.

After posting a 15% loss over the past three weeks, BTC is now almost testing the long ascending trendline, which has served as support since the price broke above $50,000 in February.

A four-hour candlestick close below this support line could trigger a sell-off to the May low ($56,552), setting the stage for a liquidity sweep (inducement) to $53,000 before reversing the trend. Confirming a double-top pattern signal from $72,000.

On the other hand, a rejection at this support line could activate a bounce, bringing the bulls back into action in the near term.

Bitcoin’s Key Levels To Watch

The main support level for drops is $60,200. A dip below the $60,000 level might bring us to the $58,000 and $56,552 supports (May’s low) before deciding on where next to head.

Currently, the $63,450 level is held as resistance. A bounce above this level could bring an increase to the $65,500 and $67,000 resistance. The monthly high remains a key breakout level for a massive rally.

Key Resistance Levels: $63,450, $65,500, $67,000

Key Support Levels: $60,200, $58,000, $56,552

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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