BITCOIN / Bearish Trend with Potential for Reversal

Bitcoin Technical Analysis

The price has reversed and stabilized in the bearish zone, targeting 62400. A break below this level could extend the bearish trend towards 59950.

• Bearish Scenario:
  As long as the price remains below 64905, the bearish trend is expected to continue, with the first target at 62410. A break below this level could lead to the next bearish target of 59950.
  
  
• Bullish Scenario:
  For a bullish reversal, the price needs to stabilize above 64910, aiming for 66230. If the price moves above this level, the uptrend could extend towards 70000.
  
  
• Key Levels:
  - Pivot Line: 64900
  - Support Levels: 62410, 60000, 58000
  - Resistance Levels: 66230, 67700, 70000
  
  
• Expected Range:
  The anticipated movement range for Bitcoin is between 64910 and 59950, with a bearish tendency.
  
  Summary:
  Bitcoin's price has stabilized in the bearish zone, targeting 62400. If it breaks below this level, it may decline further to 59950. The bearish trend is expected to continue as long as the price stays below 64905. For a bullish reversal, Bitcoin needs to stabilize above 64910, aiming for 66230 and potentially 70000. The expected movement range is between 64910 and 59950, with a bearish tendency.

Comment:

the price dropped and reached our target and still running to get the second support line we mentioned which is 59950
the movement range will be between 59950 and 62400