hidden threat signs to retreat; Will Bitcoin Slip Below $60K Again?
Now, a big hidden warning sign is appearing on the Bitcoin chart, indicating potential challenges ahead. According to Josh, an analyst at Crypto World, although the price looks strong in the short term, there is an underlying bearish divergence that could signal a continuation of the larger bearish trend.
The big flash symbol on the daily Bitcoin chart is a “hidden bearish divergence”. This happens when the price of Bitcoin shows lower highs while the RSI (Relative Strength Index) reflects higher levels. Typically, a bearish divergence is a sign that the market is likely to continue its downtrend. However, in this case the signal has not yet been fully confirmed. Here is the breakdown of the analysis:
Key resistance and support levels to watch
Bitcoin is currently facing resistance around $64,500. If it breaks this level in the next few days, the short-term bullish trend is likely to continue. However, if the price struggles to push back, we will see a continuation of the bearish trend.
On the downside, support could be seen at $63,000 and then lower between $60,200 and $61,200. These are critical steps to watch for any price drop.
Another important factor affecting Bitcoin, Ethereum and Solana at the moment is that they are all showing signs of being overbought in the short term. If a market is overbought, it means there is some room for price growth until a reset occurs. A short-term reversal or sideways move can help “reset” the RSI and make room for another upward push.
What's next for Bitcoin?
We are currently in a short-term bullish trend, but that could change quickly. If Bitcoin can break through the $64,500 resistance, it has room to push to $79k, which is a significant resistance level based on past market action. On the other hand, failure to break resistance can lead to a reversal trend. Over the next few days, the key will look for a breakout or confirmation of a bearish trend continuation. .
