Bitcoin Price Prediction: Is the Bull Rally Fizzling Out?

Mt. Gox Bitcoin release fuels massive crypto supply surge

• #Bitcoin (BTC) failed to break above the crucial $63,000 resistance level, signaling bearish pressure.

• The bears took control and pushed BTC below the $60,000 support zone, reaching a low of $57,885.

• BBitcoin's price movement forms a triple black crow pattern, signaling a potential breakdown below dynamic support.

• Currently, BTC is attempting to hold support at the lower end of a cup & handle pattern visible on the weekly chart.

• $BTC experienced its third consecutive bearish day, resulting in a 6.70% weekly decline attributed to rapid whale sell-off following Mt. Gox release.

• On the daily chart, #Bitcoin is trading below the 50-day and 100-day moving averages, finding support near the 200-day MA.

• According to Coin Gabbar analysis, If BTC closes below the 200-day MA and remains under $60,000, the next targets are $56,500 and $53,000.

• A bullish scenario involves BTC holding above the 200-day MA and reclaiming $60,000-$63,000 levels for potential retests.

KEY LEVELS :

RESISTANCE LEVEL : $60,000-$63,000

SUPPORT LEVEL : $56,500-$53,000

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