Bitcoin Faces Bearish Reversal: Key Technical Insights

Bitcoin’s recent price action indicates a potential bearish reversal, prompting caution among traders and investors. After testing critical resistance levels, $BTC has shown signs of weakening momentum, with selling pressure increasing across major exchanges.

📉 Technical Overview

Resistance Rejection: $BTC failed to sustain above the $62,500 resistance level, signaling market hesitation.

RSI Decline: The Relative Strength Index has retreated from overbought territory, suggesting reduced bullish momentum.

Bearish Patterns: The daily chart has formed a shooting star and a bearish engulfing candle, both indicating potential downside continuation.

Support Levels: Initial support lies at $60,200, followed by stronger support around $58,500.

⚠ Shifting Market Sentiment

Futures funding rates are stabilizing, and whale wallets have shown increased selling activity in the past 48 hours — both indicators of a transition from bullish to cautious sentiment.

🔍 Outlook

A daily close below $60,200 could trigger further downside toward the $58,500–$57,000 range. However, if $BTC holds above current support, the broader uptrend may remain intact, offering selective dip-buying opportunities.

📊 Trading Tip: Closely monitor on-chain activity, trading volumes, and macroeconomic developments before entering high-leverage positions. In a market showing early warning signals, risk management remains essential.

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