BTC Full Technical & Fundamental Analysis

Technical Analysis:
The Bitcoin (BTC/USDT) chart on the Binance exchange (H1 timeframe) exhibits a clear bearish trend. This is evident from the following:
* Lower highs and lower lows: The price has been consistently making lower peaks and troughs, forming a descending channel.
* Breakdown below EMAs: The price has broken below both the 50-day EMA (red line) and the 200-day EMA (blue line), which are now acting as resistance.
* Bearish engulfing candle: The formation of a bearish engulfing candlestick pattern further confirms the downward momentum.
* High volume: The increased volume during the recent downward move suggests strong selling pressure.
Fundamental Analysis:
Several fundamental factors contribute to the current bearish sentiment surrounding Bitcoin:
* Regulatory concerns: Increased regulatory scrutiny and potential restrictions on cryptocurrencies in various countries create uncertainty and fear among investors.
* Macroeconomic factors: Rising interest rates and a stronger US dollar are making riskier assets like Bitcoin less attractive.
* Market sentiment: The recent decline in Bitcoin's price has triggered a wave of negative sentiment, leading to further selling pressure.
Trading Signal:
Based on the technical and fundamental analysis, the short-term outlook for Bitcoin is bearish.
Sell: Enter a short position at the current market price (54,652.3 USDT) or wait for a retest of the broken support level (around 56,177.2 USDT) for a better entry.
Stop Loss: Place a stop-loss order above the recent swing high (around 59,569.2 USDT).
Take Profit 1: Target the next support level (around 53,408.7 USDT).
Take Profit 2: Consider a further target at 51,639.2 USDT if the downtrend continues.