Bitcoin faced a drop in price recently, despite positive news on inflation and growth. The drop was mainly due to a breach in key technical support levels. The price fell to the 60000 support zone after breaking below 67275. Sellers are currently in control, but buyers are expected to enter the market at these levels for a better risk-reward setup.
On the 4-hour chart, key levels for buyers include the 60000 support zone and the major trendline at 58000. Sellers will look for a break below these levels to increase bearish bets. On the 1-hour chart, sellers have a better risk-reward setup at the downward trendline around 64000. Buyers will aim for a break above the recent lower high at 63000 to gain momentum towards a new all-time high.
Looking ahead, this week’s data releases are light. The market will focus on US Consumer Confidence and labor market details on Tuesday. Thursday will bring the latest US Jobless Claims figures, and Friday will conclude with the US PCE data.
Overall, Bitcoin’s price movement is currently driven by technical factors and market sentiment. Buyers and sellers are closely watching key support and resistance levels for potential trading opportunities. Investors should stay informed about upcoming catalysts to make well-informed decisions in the volatile cryptocurrency market.
