Warning: Bitcoin Downtrend May Continue Toward $69,000
Bitcoin is currently facing strong selling pressure after breaking a key support level at $71,200. With fading bullish momentum and declining market liquidity, the downtrend is likely to continue, potentially pushing the price down to test the $69,000 support zone — a critical psychological and technical level.
Key Highlights:
Support Break: The break below $71,200 has opened the door for further declines.
Liquidity Concerns: Reduced trading volume and liquidity increase the risk of price slippage.
Technical Indicators: Momentum indicators like RSI and MACD are signaling further downside.
Levels to Watch:
Next Major Support: $69,000 – possible bounce or temporary stabilization.
Short-Term Resistance: $71,200 – regaining this level could ease bearish pressure.
Suggested Trading Strategy:
Entry Point: Wait for a bounce or bullish reversal signal near $69,000.
Stop Loss: Below $68,500 to avoid deeper breakdowns.
Take Profit: First target at $71,000, followed by $72,800 if momentum recovers.
Stay tuned for real-time updates in case of further support breaks or major news events.
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