Bitcoin under pressure… will the decline continue?
The BTC pair chart on the 15-minute timeframe shows the continuation of the bearish trend, as the price trades near $58,520 after recording a local low at $58,201. The price is still moving below the main moving averages, reflecting sellers’ control in the short term.
• Nearest support: $58,200; breaking it could push the price toward lower levels.
• First resistance: $58,640 – $58,700; a breakout could give the market an opportunity for a short rebound.
• The MACD indicator shows signs of weakness in negative momentum, but the overall trend remains bearish until clearer reversal signals appear
The short-term trend remains bearish, and any current rise may be considered only a temporary rebound unless the price regains the nearby resistance levels
The BTC pair chart on the 15-minute timeframe shows the continuation of the bearish trend, as the price trades near $58,520 after recording a local low at $58,201. The price is still moving below the main moving averages, reflecting sellers’ control in the short term.
• Nearest support: $58,200; breaking it could push the price toward lower levels.
• First resistance: $58,640 – $58,700; a breakout could give the market an opportunity for a short rebound.
• The MACD indicator shows signs of weakness in negative momentum, but the overall trend remains bearish until clearer reversal signals appear
The short-term trend remains bearish, and any current rise may be considered only a temporary rebound unless the price regains the nearby resistance levels