Recently, Bitcoin (BTC) has encountered resistance at a key level, which can serve as a short-term warning signal.
Analyst “玩笑” noted in his latest report that there have been minimal recent changes. He emphasized that the short-term trend of Bitcoin may persist for several weeks or months. Despite a slight relief in the recent bearish trend over the past week, there has not been a confirmed reversal to a bullish trend.
Sharing his bearish stance on the short-term trend, Josh pointed out that the uptrend of the DXY (US Dollar Index) is a contributing factor.
He believes that during a bearish trend, there often is a slight upward rebound and range-bound consolidation, similar to rebounds seen in uptrends.
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Josh stated that breaking below $60,000 could potentially push Bitcoin down to a support area between $56,000 to $58,000. At the same time, analysts expect trading prices to continue within the range of $60,000 to $64,000 in the short term.
Despite this consolidation, he reiterated that Bitcoin remains in a short-term bearish trend until confirmed signals of a bullish reversal emerge.