‼️$BTC Market Update: $BTC Eyeing the $55k - $62k Support?❓
The monthly chart is flashing some cautionary signals after the recent rejection from all-time highs. While the long-term trend has been legendary, the technicals suggest we might need a deeper "reset" before the next leg up.
The Bear Case for a Drop
MA Cross Over: Price has slipped below the MA(7) (Yellow line) and is currently putting immense pressure on the MA(25) (Purple line) around the $85k mark.
The "Gap" Below: Looking at the historical structure, there is a major support block (the yellow rectangle on the chart) sitting between $55,000 and $62,000.
Volume Exhaustion: Monthly volume has been tapering off on this leg down, suggesting buyers are waiting for a better entry price.
Level Significance
$77,892-Current Price: Crucial pivot point. Holding here is vital for bulls.
$62,978-First Major Target: Previous resistance-turned-support.
$55,000 -The "Golden" Zone: Heavy buy orders and historical consolidation.
Bottom Line
If Bitcoin fails to reclaim the $85k level quickly, a sweep of the $55k - $62k range becomes highly probable. This wouldn't mean the bull run is over, but rather a healthy correction to shake out weak hands and re-test the breakout zone from 2024.
Stay patient. Manage your risk. Don't FOMO into the red.
