Bitcoin ($BTC ) Market Analysis : Navigating the Bearish Phase
1. Trend Identification : Sustained Downward Momentum
Bearish Trajectory : Bitcoin is currently locked in a clear daily downtrend, descending significantly from its peak of $97,924.49.
Moving Average Resistance : The price is trading well below the MA(7) ($68,479), MA(25) ($80,711), and MA(99) ($88,973), signaling that sellers maintain total control over the medium-term trend.
Performance Metrics : The asset has faced a sharp decline, dropping 26.09% in the last 30 days and 33.83% over the last 90 days, highlighting a period of intense capital outflow.
2. Critical Support and Resistance Levels
Immediate Support : The psychological floor at $60,000.00 remains the most critical level to watch. A failure to hold this level could lead to a deeper capitulation phase.
Overhead Resistance : The first major hurdle for a potential reversal is the 7-day Moving Average at $68,479.70. BTC must reclaim and consolidate above this level to neutralize the current selling pressure.
Current Status : As of the latest data, BTC is trading at $67,268.71, down 2.35% for the day, confirming that the bearish pressure has not yet subsided.
3. Strategic Outlook
The daily chart indicates that the market remains in a "Sell on Rallies" environment. Until a bullish reversal pattern is formed near the $60,000 support zone or a breakout above the MA(7) occurs, the path of least resistance remains downward
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