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Bitcoin (BTC) continues to struggle under bearish pressure as the BTC/USDT trading pair on Binance shows signs of a downward trend. The latest price action indicates a decline, with Bitcoin trading at $61,600.01, testing critical support levels.

Key Highlights:

  • Current Price: $61,600.01
  • Support Level: $61,000
  • Resistance Levels: $64,000 – $65,000
  • Moving Averages:
    • MA 7: $61,669.24
    • MA 25: $61,561.76
    • MA 99: $61,132.46

Price Action Analysis

The BTC/USDT chart reveals a persistent bearish trend characterized by lower highs and lower lows over the past weeks. Bitcoin has faced significant resistance in the $64,000 – $65,000 range, with multiple failed attempts to break above this level.

Moving Averages and Volume

The moving averages (MA) indicate bearish sentiment:

  • The price is below the MA 7, MA 25, and MA 99, suggesting ongoing downward momentum.
  • The MA 7 is slightly above the current price, indicating short-term bearish pressure.
  • The volume analysis shows that spikes in volume are associated with large red candles, pointing to strong selling pressure during price drops. The average volume (SMA 9) stands at 149, showing consistent market activity during these declines.

Support and Resistance Levels

  • Support: The $61,000 level has been tested multiple times, acting as a critical support zone.
  • Resistance: The $64,000 – $65,000 range remains a significant resistance area that Bitcoin has struggled to overcome.

Market Sentiment

The overall market sentiment remains bearish. The recent crossover of the MA 7 below the MA 25 reinforces the bearish outlook. Traders should watch for potential breaks below the $61,000 support or signals of a reversal if Bitcoin manages to reclaim higher levels.

Conclusion

Bitcoin’s bearish trend continues to dominate the market, with key support at $61,000 and resistance in the $64,000 – $65,000 range. Traders should remain cautious and consider risk management strategies such as setting stop-loss orders to protect against further downside.

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