Mt. Gox Bitcoin release fuels massive crypto supply surge
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#Bitcoin (BTC) failed to break above the crucial $63,000 resistance level, signaling bearish pressure.
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The bears took control and pushed BTC below the $60,000 support zone, reaching a low of $57,885.
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BBitcoin's price movement forms a triple black crow pattern, signaling a potential breakdown below dynamic support.
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Currently, BTC is attempting to hold support at the lower end of a cup & handle pattern visible on the weekly chart.
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$BTC experienced its third consecutive bearish day, resulting in a 6.70% weekly decline attributed to rapid whale sell-off following Mt. Gox release.
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On the daily chart, #Bitcoin is trading below the 50-day and 100-day moving averages, finding support near the 200-day MA.
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According to Coin Gabbar analysis, If BTC closes below the 200-day MA and remains under $60,000, the next targets are $56,500 and $53,000.
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A bullish scenario involves BTC holding above the 200-day MA and reclaiming $60,000-$63,000 levels for potential retests.
KEY LEVELS :
RESISTANCE LEVEL : $60,000-$63,000
SUPPORT LEVEL : $56,500-$53,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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