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Bitcoin (BTC/USD) continues to test the crucial resistance level at $56,160. This resistance represents the broken neckline of a medium-term triple top pattern. As such, remaining below this level suggests that the bearish trend will persist, with potential declines targeting $51,990 and $49,100 as the next support levels.
In the near term, we anticipate negative trading conditions, supported by a clear loss of positive momentum in the stochastic indicator. However, if Bitcoin breaches the $56,160 resistance, it would negate the bearish outlook and potentially drive the price towards $60,326.70.
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Expected Trading Range for Today:
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Support: $50,000
Resistance: $57,500
Trend Forecast: Bearish
