๐ Technical Indicators:
Weekly RSI and Stochastic RSI: Both indicators are indicating a shift in momentum and signaling a reversal, suggesting that Bitcoin is entering a correction phase.
Price Action: Despite rejecting above $72,000, Bitcoin is currently being supported above $61,500 by the bulls. However, a drop below this level could lead to further downside.
๐ป Bearish Scenarios:
Support Levels: If Bitcoin breaks below $61,500, it may encounter support levels at $59,500, $52,000, and potentially $48,000.
Bears in Control: A drop below key support levels could signal increased bearish pressure and potentially lead to further price declines.
Weekly RSI and Stochastic RSI: Both indicators are indicating a shift in momentum and signaling a reversal, suggesting that Bitcoin is entering a correction phase.
Price Action: Despite rejecting above $72,000, Bitcoin is currently being supported above $61,500 by the bulls. However, a drop below this level could lead to further downside.
๐ป Bearish Scenarios:
Support Levels: If Bitcoin breaks below $61,500, it may encounter support levels at $59,500, $52,000, and potentially $48,000.
Bears in Control: A drop below key support levels could signal increased bearish pressure and potentially lead to further price declines.