Bitcoin Bears Dominate: Failure to Break $71,800 Keeps Downside Risk Alive
Bitcoin's failure to breach $71,800 resistance keeps downside risk present, with bears currently dominating market sentiment.Summary
Bitcoin's price action over the past week was lackluster, failing to surpass the short-term resistance level of $71,800 after bouncing from $60,000, ultimately closing at $68,811. The lack of buying follow-through suggests weakness, and if bulls cannot maintain a daily close above $71,000 this week, the price may drift back toward the $60,000 lows. Key support levels are identified at $65,650, $63,000, and the critical 0.618 Fibonacci retracement at $57,800, below which a significant drop could occur. Resistance remains at $71,800, followed by $74,500 and $79,000. The market mood is currently very bearish, and while the price might range between $60,000 and $80,000 in the coming weeks, the technical bias remains bearish until key support levels, especially $57,800, are decisively broken.
(Source：Bitcoin Magazine)