Despite a rally over the weekend, Bitcoin remains under bearish control as it faces multiple resistance levels and high market risk. Its value increased amid the weakening of the dollar, but the prevailing sentiment in the market remains. cautious.
Despite a rally over the weekend, Bitcoin remains under bearish control as it faces multiple resistance levels and high market risk. Its value increased amid the weakening of the dollar, but the prevailing sentiment in the market remains. cautious.
Bitcoin recently tested the 26-day EMA, an important technical threshold. This level is proving to be a formidable barrier and there is a real possibility that BTC will not overcome it. If this resistance holds, Bitcoin could see a retest of the $58,000 mark, which has become a strong support level in recent months. Additionally, the 100-day EMA is around $60,000, reinforcing this critical price zone.
The volume is somewhat neutral with a slight downward trend, which does not give enough strength to suggest that a bullish reversal is imminent. This aligns with broader market sentiment, as reflected by several risk indicators that continue to point toward greater caution.
Liquidation of long positions has also been observed, cooling momentum in perpetual markets. While this consolidation phase is ongoing, Bitcoin enthusiasts and traders are closely monitoring whether BTC can secure a breakout above the $65,000 resistance level. Such a move could potentially revitalize market sentiment and pave the way towards $70,000.
However, the overall narrative remains bearish. Bitcoin’s inability to break above key EMAs such as the 26 and 50, coupled with continued high-risk signals from market indicators, suggest that the bears currently have the upper hand. We are now watching to see if Bitcoin can maintain its position above the $60,000 mark or if it will succumb to another round of sell-off, confirming the bearish trend.
