Could BTC Retest 55,000?
BTCUSD has quickly reversed from the 65,000 resistance area, which was tested on Monday this week.
This move lower is not due to any major news but likely due to technical levels and its correlation with the DXY.
A recovery in strength on the DXY traditionally leads to downward pressure on risk assets like cryptocurrencies.
Today, the reversal broke through the 62,000 price level which coincides with the 23.6% Fibonacci retracement level.
Further downside can be anticipated with BTCUSD currently trading just under the 60,000 price level.
However, it is likely that the price could consolidate/retrace briefly before the continuation lower, with the next key support level at 55,000 (61.8% Fibonacci retracement level)
This move lower is not due to any major news but likely due to technical levels and its correlation with the DXY.
A recovery in strength on the DXY traditionally leads to downward pressure on risk assets like cryptocurrencies.
Today, the reversal broke through the 62,000 price level which coincides with the 23.6% Fibonacci retracement level.
Further downside can be anticipated with BTCUSD currently trading just under the 60,000 price level.
However, it is likely that the price could consolidate/retrace briefly before the continuation lower, with the next key support level at 55,000 (61.8% Fibonacci retracement level)
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