Cryptocurrency

Rally

<ul>
 <li>#<a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" title="Bitcoin" class="f-link" style="">Bitcoin</a> ($BTC) faces significant selling pressure just ahead of the #FOMC meeting.</li>
 <li>Chanpeng Zhao sentenced to four months in prison; $BTC and other altcoins experience a massive drop in price.</li>
 <li>$95 million in long liquidations exacerbate the situation, with BTC failing to sustain its support at $60,000.</li>
 <li>A 5% drop overnight leads to a substantial bearish candle breaking below the support zone.</li>
 <li>The bearish candle invalidates the bullish flag pattern, indicating a possible reversal towards the downside.</li>
 <li>#Bitcoin is currently testing the pivotal Moving Average 100 level on its daily chart, marking another critical juncture.</li>
 <li>BTC trades below $60,000, signaling potential bearish momentum, especially with a daily close below this support zone.</li>
 <li>The failed bullish flag pattern suggests BTC may drop further below $60,000, potentially experiencing an 8-10% correction to $55,000 before any recovery.</li>
 <li>According to <a href="https://www.coingabbar.com/en/price-prediction" title="Coin Gabbar analysis" class="f-link">Coin Gabbar analysis</a>, However, a reversal rally could push BTC towards $65,000 if short-term FUD dissipates in the market.</li>
</ul>
KEY LEVELS :
RESISTANCE LEVEL : $61,000-$62,200
SUPPORT LEVEL : $58,500-$57,00
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Bitcoin Prediction: BTC Dips Below $60K, Is the Rally Over?

Coingabbar

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