Mr4Beast

06/20 13:13

Bitcoin Price Analysis: The Daily Chart

On the daily timeframe, Bitcoin has decisively broken below the large ascending channel that contained the price action for nearly four months. The breakdown occurred after BTC failed to reclaim the confluence of the 200-day moving average and the $80k zone and was rejected decisively to the downside. The 100-day moving average located near the $72k area has now formed a key resistance zone. The market attempted to retest it following the initial breakdown, but sellers quickly regained control and triggered another leg lower before the market even reached the area, as the price failed to break back above the $67k short-term supply zone. The rejection confirms that bears remain in control of the broader trend for now. The asset is currently trading around $63k and is hovering just above a major support area at $60k. This key demand zone marks the most important level on the chart, as it previously acted as a launchpad for the February recovery following the sharp capitulation move. As long as BTC remains below the broken channel and beneath the moving averages, rallies are likely to be viewed as corrective. Moreover, should the $60k support region fail to hold, the next significant downside target appears to be the large demand area around $50k-$52k. Conversely, reclaiming the $72k resistance zone would be required to invalidate the current bearish outlook and potentially reopen the path toward the $80k region.#2026 World Cup Posting Challenge on HTX Square #HTXSquare: Global Markets After Trump China Visit #BTC Prophet: 20-Day 380 Million HTX Challenge

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