The weekend is on the toes, and like most of the weekends, yet again the crypto space is preparing to come out of the bearish trap. Bitcoin price after revisiting lows below $47,000 has gained more than 5% to trade above $48,200 since the early trading hours. And hence manifesting a notable uptrend that could break the downtrend. Yet the technicals display a converse trend that possibly displays the bearish trend to continue.
Bitcoin price ever since dropped below $60K is facing multiple rejections at every attempt. However, the asset stood strong above $56K for quite a long time which kept hopes alive on the rally towards the ATH. Yet the price dropped drastically at various occasions and post to the plunge at $42K levels, the bears remained active. Now when many believe the bearish cartel to exit the market, yet some analysts believe the trend to continue.
The analyst believes the Bitcoin price initiated with a bearish trend soon after it broke down below $60K. Moreover, he believes that despite multiple attempts to recover the losses and ranging above local resistance, yet the trend is bearish. The minor spike with the BTC price is always short-lived as the asset is constantly forming lower highs and lows maintaining a constant downtrend line.
The resistance around $52K to $53K is acting as a strong resistance level which needs to be achieved if the asset has to flip the downtrend. Overall, the analyst is firm with the trend maintaining the downtrend in the coming days and weeks. And only the breakout above $53K would flip the bearish trend. Moreover, if the Bitcoin(BTC) price continues to plunge, then $40K may be the target the asset could achieve in the upcoming week.
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