The post Bitcoin To Remain Under Pressure Until Bulls Break This Crucial Level appeared on BitcoinEthereumNews.com.

Bitcoin remains below $60,000 and is falling. While there is optimism that bulls will flow back and reclaim key resistance levels in the coming days, one analyst on X is bearish. Bitcoin Must Clear This Level For Bulls To Take Over In a post on X, the analyst said the short-term trend will favor sellers unless there is a rapid shift in trend. If the bulls fail to soak in the deluge of selling pressure, prices will, in his forecast, continue tanking. Technically, Bitcoin is within a bearish formation. Though there are occasional pockets of strength, buyers have failed to push prices higher, reclaiming $60,000, for example. In the medium term, the immediate support line will be $49,000 or August lows. On the upper end, buyers must build momentum and reclaim $72,000. It is this state of price action that’s slowing down bulls. Because of this, the analyst is bearish, claiming that the short-term trend will change only when BTC floats above $68,000. Bitcoin to remain bearish | Source: @ali_charts via X Considering that prices are nearly $10,000 away from this reaction point, it might be a tall order for optimistic traders. If buyers fail to conquer this resistance trend line and, preferably, rise above $72,000, the analyst thinks prices will continue “dipping.” Bitcoin price trending downward on the daily chart | Source: BTCUSDT via Binance, TradingView For now, the reaction between $55,000 and $60,000 could shape the medium-term trajectory. A sharp crash below $55,000 may trigger a panic sell, accelerating the dump toward August lows. Eyes On Inflation, The United States Federal Reserve, and Spot ETFs While fear reigns, analysts expect fundamental factors to support prices in the coming weeks. Top of the list is the recent evolution of inflation in the United States. As this key metric falls,…

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Filed under: News - @ September 5, 2024 2:27 pm