Bitcoin Price Puzzle: Is the Bitcoin Rally Losing Steam

Bitcoin peaked at $49,000, corrected, and dropped below $46,000.

• Spot BTC ETF trading witnessed a sharp surge, reaching a price peak of $49,000.

• The daily chart reveals a breach of the ascending channel by BTC, but the breakout is not sustained, prompting a retracement back inside.

• Despite the channel breach, BTC faces resistance near the $49,000 level, encountering obstacles from the 61.80% Fibonacci levels, leading to a subsequent drop.

• A significant observation on the daily chart is the formation of a long-wicked candle with a small red body, indicating bearish activity as bears sell at higher levels.

• There is a potential for a fresh decline in BTC if it moves below the critical $45,500 support zone, which could signal a possible shift in market sentiment.

KEY LEVELS :

RESISTANCE LEVEL : $46,600-$47,300

SUPPORT LEVEL : $45,600-$44,800

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.