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Bitcoin Analysis: Resistance Turned Support Insight
Solid ECN–Bitcoin trades in the bearish channel, as shown in the BTCUSD daily chart. Bears managed to close below the $59,598 resistance and are stabilizing the price below this level. As of writing, the BTCUSD pair trades near the broken resistance, which now acts as support.
From a technical standpoint, the trend remains bearish, and Bitcoin might dip to $50,940 in the subsequent selling pressure. For the scenario to come into play, the price should stay below the median line of the Bollinger band.
Conversely, if the BTCUSD price closes above the support at $59,559, the consolidation phase would extend further to the upper band of the flag.
From a technical standpoint, the trend remains bearish, and Bitcoin might dip to $50,940 in the subsequent selling pressure. For the scenario to come into play, the price should stay below the median line of the Bollinger band.
Conversely, if the BTCUSD price closes above the support at $59,559, the consolidation phase would extend further to the upper band of the flag.