Bitcoin - Weekly chart Update - Bears will lose

7 ago

#BTC/USDT #Analysis
Description
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+ Bitcoin has bounced back with a 15% recovery from the recent market low, a positive sign indicating resilience. The price is currently holding above a critical support level, which is crucial for maintaining bullish momentum.
+ While the price is trading above support, a major drop below this level would be concerning for Bitcoin’s long-term outlook. The next significant support is at 45K, a crucial trend line. A break below 45K could signal the onset of a bear market.
+ Despite the recent recovery, August and September are expected to be challenging months for Bitcoin. The market is likely to range with multiple spikes and drops, potentially leading to liquidations for both bulls and bears. This period of volatility requires careful risk management.
+ I remain optimistic that Bitcoin will hold above the 50K level, with a gradual recovery likely from this area. Maintaining support above 50K is essential for avoiding a deeper downturn and sustaining the long-term bullish trend.
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