Bitcoin, Technical Analysis – H1

The situation for Bitcoin remains extremely unfavorable: bulls have once again failed to realize their ambitions for a rebound and reversal. The market is currently retesting the sloping support in the $62,500 zone, which may result in a breakdown below $62,000. This outcome appears highly probable, even in the event of another upward pullback from the $62,500 area.

Key Levels:

□ $63,000 — resistance

□ $62,500 — sloping support

□ $62,000 — support

□ $61,500 — support

Primary Scenario;

Decline toward $62,000 and $61,500.

Alternative Scenario:

Rebound higher from $62,500 toward $63,000, followed by a renewed decline.

Analyst Commentary:

Buying in such a market currently looks like a speculative gamble.