Bitcoin Price Faces Downward Pressure: Forecast for August 12, 2024

by Jennifer

Bitcoin Price Shows Weakness

Bitcoin (BTCUSD) has struggled to maintain its position above $60,326.70, trading with significant negativity and falling under downward pressure. The cryptocurrency is now approaching a key support level at $56,160.00. Monitoring Bitcoin’s behavior at this level is crucial, as a breach could lead to further losses, potentially pushing the price down to $51,990.00.

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Technical Outlook and Support Levels

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Given the current bearish sentiment, additional declines are anticipated in the near term. However, a recovery is possible if Bitcoin can breach the $60,326.70 mark, which would alleviate some of the negative pressure and allow for a potential rebound.

Trading Range and Forecast

For today, August 12, 2024, Bitcoin is expected to trade between $56,000.00 (support) and $60,000.00 (resistance).

Overall Trend

The forecast is bearish, with the potential for further declines unless Bitcoin can recover above the $60,326.70 level.

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