Bitcoin (BTC) is currently experiencing a pronounced downtrend momentum, characterized by a series of lower lows and lower highs in its price action. This downward movement suggests a prevailing bearish sentiment in the market, with selling pressure outweighing buying interest.
Support Level: Bitcoin is approaching a critical support level at 51108. This support level represents a significant price point where buying interest has historically emerged, potentially halting further downside movement.
Resistance Level: Conversely, the upside potential is capped by a resistance level at 72386. This level has acted as a barrier to upward movement, reflecting selling pressure and market participants' reluctance to push the price higher.
Support Level: Bitcoin is approaching a critical support level at 51108. This support level represents a significant price point where buying interest has historically emerged, potentially halting further downside movement.
Resistance Level: Conversely, the upside potential is capped by a resistance level at 72386. This level has acted as a barrier to upward movement, reflecting selling pressure and market participants' reluctance to push the price higher.