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Bitcoin Faces Bearish Pressure as Market Awaits Key Levels
The Bitcoin market is currently under bearish pressure, with traders targeting a crucial range of $72K-$74K. Despite the recent decline, there has been no clear reversal signal observed in the market. The absence of any convincing bullish momentum has prompted short traders to reinforce their positions.
It is worth noting that Bitcoin’s price action displayed divergent patterns during Donald Trump’s presidency. During his initial term, the cryptocurrency experienced a significant 23.2% gain within 50 days. However, this rally was followed by a steep correction, resulting in a 13.5% loss. The recovery phase that ensued was marred by difficulty regaining momentum.
On the other hand, Trump’s second term saw Bitcoin’s price increase steadily, with an impressive 56.8% gain within day 100. This stark contrast highlights the dramatic shift in market circumstances and investor sentiment throughout both periods.
The cryptocurrency has entered a bearish structure, characterized by lower highs and lower lows. A minor recovery was observed around $83K, but it failed to breach the critical $86K-$88K zone. This area is now considered a prime opportunity for traders to reinforce short positions.
Market sentiment remains decidedly bearish due to sustained downward pressure, with no significant bullish reversal patterns in sight. If Bitcoin were to revisit the aforementioned shorting zone, it could potentially signal another drop towards the targeted range of $72K-$74K. Traders are now closely monitoring key levels before making any further trading decisions.
This article has been written based on publicly available data and should not be taken as investment advice.
Source: https://cryptonewsland.com/bitcoin-faces-bearish-pressure-as-market-awaits-key-levels/
