Bitcoin, Technical Analysis – H4

After several attempts by bulls to defend the price above $60,000, Bitcoin has slipped below $59,000 and is now preparing to break the sloping support line. This development brings the next downside targets at $57,000 and $56,000 into focus.

Key Levels:

□ $59,000 (recent low/break level)

□ $57,000 (intermediate target)

□ $56,000 (next target)

Primary Scenario:

Decline toward $57,000 and $56,000.

Alternative Scenario:

Periodic upward bounces toward the $60,000 area that will be unable to change the overall bearish outlook for BTC.

Analyst Commentary:

The medium-term target at $50,000 continues to remain relevant.