Bitcoin has struggled to break resistance, mirroring its sideways movement from last year.has been stuck in a range since March, trading in a 15%-20% band, raising concerns among crypto investors. A look at the weekly chart reveals Bitcoin's continued consolidation within the ascending channel established in 2023.
Blockchain analytics firm Santiment recently revealed a prolonged phase of fear, uncertainty, and doubt in the market, reflected in negative social sentiment on Bitcoin . This negativity is further amplified by Bitcoin's recent dip below $65,000, indicating investor uneasiness and apathy. The $61,000 support level, aligned with the Fib 0.382 value and the bottom of the consolidation area, has been a stronghold since March. However, current indicators suggest that sellers might drive Bitcoin down to this level. Weekly closes below $61,000 could escalate the risk of Bitcoin targeting support zones in the $50,000 range.
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