Bitcoin's Price Struggles: A Bearish Short-Term Outlook
After dipping to 50k in early August, Bitcoin staged a recovery and climbed to 65k. However, the bullish momentum lacked follow-through, as buyers were unable to push past the resistance of a large flag pattern that has kept Bitcoin in a corrective phase for months.
In the short term, Bitcoin’s price pulled back down from 65k, initially forming what looked like a falling wedge—a potential bullish reversal pattern.
Unfortunately, this formation did not hold, and Bitcoin experienced another breakdown.
Currently, the short-term outlook is bearish, with resistance around the 55,500-56k zone.
Short-term traders may consider selling in this range, targeting a move back to 50k if a new leg downward materializes.
This bearish scenario would be invalidated if the price stabilizes above the 58k level.
In the short term, Bitcoin’s price pulled back down from 65k, initially forming what looked like a falling wedge—a potential bullish reversal pattern.
Unfortunately, this formation did not hold, and Bitcoin experienced another breakdown.
Currently, the short-term outlook is bearish, with resistance around the 55,500-56k zone.
Short-term traders may consider selling in this range, targeting a move back to 50k if a new leg downward materializes.
This bearish scenario would be invalidated if the price stabilizes above the 58k level.
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