Wed, 3/07/2024 – 15:44
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The bears’ pressure continues, according to CoinStats.
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BTC/USD
The price of Bitcoin (BTC) has dropped by 3.25% over the last day.
Despite today’s decline, the rate of BTC keeps looking bearish as it is on its way to the local support level of $59,544.
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If the daily bar closes below the vital zone of $60,000, there is a high possibility to expect a test of $58,000.
Sellers are also more powerful than buyers on the daily time frame. If the situation does not change until the end of the day and the bar closes near its low, the fall is likely to continue to the support of $56,500.
From the midterm point of view, there are no reversal signals yet. If buyers cannot seize the initiative shortly, traders may expect a support breakout, followed by a move to the $55,000 range.
Bitcoin is trading at $60,311 at press time.
