Bitcoin, the kingpin of cryptocurrencies, has recently weathered a storm, slipping below the crucial yellow support line. This descent has left many, myself included, bearish on BTC's future, speculating a downtrend possibly stretching into 2023.
Following the initial plunge, Bitcoin astoundingly managed a significant recovery, clawing back a substantial part of its losses. Currently, it's teetering on the top-tier violet support level, displaying a notable degree of resilience.
However, until we confirm a breakthrough with a weekly close above the resistance, the bears maintain technical control. I'm on the lookout for a rejection at this resistance, a signal that could lead to increased selling in the near future.
Conversely, a weekly close above this resistance signifies a bullish sentiment, at least in the short term. The bulls seem to be gaining ground. The question remains: do they have the strength to push through?
It's crucial to keep in mind that the broader stock market is currently on a downward trajectory. Historically, a bearish stock market rarely bodes well for BTC. In this volatile landscape, Bitcoin's fate hangs in the balance, with traders closely monitoring every move, hoping for signs of a more stable future.
Following the initial plunge, Bitcoin astoundingly managed a significant recovery, clawing back a substantial part of its losses. Currently, it's teetering on the top-tier violet support level, displaying a notable degree of resilience.
However, until we confirm a breakthrough with a weekly close above the resistance, the bears maintain technical control. I'm on the lookout for a rejection at this resistance, a signal that could lead to increased selling in the near future.
Conversely, a weekly close above this resistance signifies a bullish sentiment, at least in the short term. The bulls seem to be gaining ground. The question remains: do they have the strength to push through?
It's crucial to keep in mind that the broader stock market is currently on a downward trajectory. Historically, a bearish stock market rarely bodes well for BTC. In this volatile landscape, Bitcoin's fate hangs in the balance, with traders closely monitoring every move, hoping for signs of a more stable future.
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