bullish

Bitcoin

Resistance

<p>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. <a href="https://www.youtube.com/watch?v=6oh7ZwptNnc">Here’s a breakdown of his analysis:</a></p>   
<h4 class="wp-block-heading" id="h-key-bitcoin-resistance-and-support-levels"><strong>Key Bitcoin Resistance and Support Levels</strong></h4>   
<p>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:</p>   
<ul class="wp-block-list">
  
 <li>Resistance Level: Between $60,000 and $61,000.</li>   
 <li>Support Level: A strong area of support remains around $56,000 to $57,000.</li> 
</ul>   
<p>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.</p>   
<h4 class="wp-block-heading" id="h-short-term-pullbacks-expected"><strong>Short-Term Pullbacks Expected</strong></h4>   
<p>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.</p>   
<h4 class="wp-block-heading" id="h-outlook-for-the-next-few-days"><strong>Outlook for the Next Few Days</strong></h4>   
<p>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.</p>   
<h4 class="wp-block-heading" id="h-major-liquidity-levels-to-watch"><strong>Major Liquidity Levels to Watch</strong></h4>   
<p>The Bitcoin liquidation heat map shows liquidity building both to the upside and downside:</p>   
<ul class="wp-block-list">
  
 <li>Upside: Significant liquidity sits around $60,700 to $61,000. If Bitcoin bounces back, there could be a chance to push through this level, potentially triggering a short squeeze (a rapid rise in price).</li>   
 <li>Downside: If Bitcoin fails to recover, there’s liquidity just above $57,000. A failure to hold this level could lead to further downward pressure, pushing Bitcoin toward $55,000.</li> 
</ul>

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