According to an update from analyst CryptoJobs3, Bitcoin’s (BTC) price faces continued resistance, which may lead to further bearish movements. The daily price action is neutral, and the crypto is struggling to break through key resistance levels.
Additionally, a weekly Doji candle suggests uncertainty among both long-term and short-term investors.
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Bitcoin Stuck Below Key Resistance Levels
Bitcoin’s price remains below several critical resistance points, with $57,700, $58,500, and $59,600 highlighted as major hurdles. The daily chart shows neutral price action, and despite occasional upward movements, the overall sentiment leans bearish.
CryptoJobs3 notes that, unless BTC breaks above the $59,600 mark on a daily close, traders may see continued downward pressure.
The tweet also warns of potential false “bull traps,” where brief upward price movements could lead to premature optimism among traders. Without a strong breakout above resistance, Bitcoin is likely to experience more volatile price swings.
Weekly Doji Signals Uncertainty
A Doji candle on the weekly chart indicates hesitation among investors. Generally speaking, Doji formations show hesitancy, with neither bulls nor bears taking the upper hand. This implies that while market players wait for more indications, Bitcoin may continue to trade sideways soon.
Increased market volatility is also anticipated in response to the Federal Reserve Governor Waller’s speech and the impending U.S. Jobs Report. CryptoJobs3 speculates that Bitcoin could experience bullish action today, followed by a pullback after these events.
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Bearish Continuation Expected
The analysis also points to a possible drop toward the $54,000 region if Bitcoin fails to break through resistance levels. Traders are advised to consider taking short-term profits, especially given the risk of a deeper correction.
Until Bitcoin can establish support above $59,600, the likelihood of bearish continuation remains, with several critical resistance levels hindering any sustainable upward movement.
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