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.
Technical Outlook and Support Levels
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.
