Bitcoin faces Critical Test as Bearish Trend Lingers
Bitcoin experienced a sudden surge over the weekend, but its future remains uncertain. While the initial momentum was promising, the broader market structure suggests caution.
Bitcoin’s price climbed above recent highs, catching the attention of traders. Though, it failed to break the critical $88,500 level. This level is crucial becuase it defines the continuation of the downtrend. The recent high of $88,465 is just shy of this mark, indicating the bearish trend is still intact.
For a genuine trend reversal, Bitcoin needs to move above $88,500 with strong volume and momentum. Without this, the recent move is likely another lower high within the existing downtrend.
- Bitcoin’s high at $88,465 is below the key $88,500 level.
- A strong breakout above $88,500 is needed to confirm a bullish shift.
- Downside targets are $74,500 and $67,850 if the bearish trend continues.
Traders should be cautious. The current price action lacks confirmation on higher time frames. Long positions are riskier unless tightly managed. If $88,500 remains unbroken, expect Bitcoin to trade lower, targeting $74,500 and perhaps $67,850.
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