Bitcoin price warning in the near term
Recently, Bitcoin (BTC) has faced resistance at a critical level, which can serve as a short-term warning signal.
The Analyzer"Josh” noted in his latest video , that little has changed recently. He emphasized that short-term trends in Bitcoin can persist for weeks or months. Despite some relief from the recent bearish trend over the past week, no confirmed bullish trend reversal has occurred.
Sharing its bearish position on the short-term trend of Bitcoin , Josh pointed to the bullish trend in the DXY (US dollar index) as a contributing factor.
He believes that during bearish trends, small upward bounces and range consolidations are often seen, just as bounces occur during bullish trends.
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Bitcoin is the better investment than gold right now - Arthur HayesJosh indicated that a break below $60,000 would likely push Bitcoin down to the support zone between $56,000 and $58,000. Meanwhile, the analyst expects continued trading in a 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 a confirmed bullish reversal signal emerges.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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