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Bitcoin To Remain Under Pressure Until Bulls Break This Crucial Level

Dalmas Ngetich
by Dalmas Ngetich
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Bitcoin Might Not Benefit From Federal Reserve Rate Cuts, Former BitMEX CEO Explains Why

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
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
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, the United States is expected to slash interest rates for the first time in over two years this September.

If the expansion of crypto prices after the intervention in 2019 through 2020 is anything to go by, Bitcoin prices will likely benefit.

Related Reading: WazirX Heist: Hacker Starts Laundering $234M In Stolen Crypto—Here’s What We Know

With the approval of spot Bitcoin ETFs in January, the rising valuation would likely draw institutions. In turn, this would drive the coin to fresh highs; a major relief for holders. According to Soso Value, spot Bitcoin ETF issuers in the United States currently manage over $52.6 billion worth of the coin.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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