Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
But, positive signs are emerging: buying is picking up at key support, and negative news may be priced in.finds itself locked in a price squeeze this week, hovering around the $60,000-$62,000 range. While attempts to push the price higher have been short-lived, sellers remain active, indicating a potential battle for control.
Other recent events contributing to the price drop include the Mt. Gox developments and the news of the US and German governments transferring Bitcoins to exchanges for potential sale. This week's price action suggests Bitcoin has absorbed much of the negative pressure. The decline in spot Bitcoin ETF sales, which surged due to bearish sentiment, and the recent return of positive fund flows have also helped Bitcoin maintain its ground above $60,000.
In this uncertain environment, identifying short-term support and resistance levels becomes crucial. The $60,500 - $61,000 range must hold to prevent further declines. A sustained break below this zone could trigger a drop towards $53,600, aligning with the 0.618 Fibonacci retracement level from the last upward move.
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