Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes

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Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes - NewsBTC

Quick Summary:

An analysis of potential future scenarios for BTC’s price movement following the rejection reveals that if Bitcoin continues to move downward and break below the $60,152 support level, it may move lower to test the $58,523 support level and probably move on to test other lower levels if the price breaches this level.

This failure to break through a critical threshold highlights the strength of selling pressure and raises concerns about potential downward trends. The rejection at this key level signals caution among traders and investors, prompting a reassessment of market strategies.

On the 1-day chart, it can be observed that Bitcoin’s price is making a huge drop after being rejected for the second time at the $62,498 level, thereby signaling more bearishness even as it continues to trade below the 100-day SMA.