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BTC/USDT 1H chart is forming a rising wedge pattern, which is typically a bearish signal 📉. After rejecting from 117,944, the price is now trading near the support line (~116,800). A breakdown below this support could push it toward the 115,600–114,200 zone, while holding the support may trigger another retest of 118K. 🚀📊 #BTC $BTC
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Bitcoin ($BTC ) is currently in a bearish phase, with strong resistance levels emerging. The price is expected to trade between $55,000 and $60,000 in the short term. Technical indicators, such as the Simple Moving Averages (SMA) and Exponential Moving Averages (EMA), both suggest a "sell" signal across multiple time frames. If the price drops below the immediate support level of $55,795, the next major support level could be around $49,452. On the upside, if Bitcoin breaks above $61,049, it could rally toward $64,957. In terms of short-term targets, the general trend is bearish, with traders advised to consider a cautious short strategy unless BTC breaches key resistance levels. Trading volume is low, indicating weak bullish momentum. Should Bitcoin fail to rally, it is likely to consolidate or further decline. For a short position, look for a break below the $58,000 support with a potential target of $55,000. If you're waiting for a reversal, a sustained move above $61,000 could push BTC toward $64,000.
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