Bitcoin price is struggling to rise above $62,000 as bulls are finding it extremely difficult to hold the support at $61,000. The current trading setup suggests that BTC price is moving inside a bearish structure, which is why the lower targets below $55,000 have been activated. Since bulls have failed to sustain the uptrend, the possibility of reaching the lower support arises. Regardless of the bearish possibilities, the token still has fewer chances of better days.
The order book is one of the most important tools that can be used to gauge market sentiment. It mainly shows the current buy and sell orders for a particular cryptocurrency. In a recent update, the sell wall of the BTC price that had been cemented at $60,000 for a few days was broken. This suggests that market participants are not ready to sell the token or probably have not placed stop losses at these levels, which is a bullish indicator.
Will the BTC price reclaim the $65,000 mark in the second half of the month?
Some time ago, Bitcoin price entered a falling channel where it fell to a resistance level and soon broke it, forming lows below $55,000. Although the price was retested, it remained for a short period as the price started to decline again. After a while, BTC price fell to the support and also broke the levels, thereby exiting the pennant. Currently, the token is moving towards the local support of around $57,600 and if the bulls fail to hold these levels, the bears may soon push the levels back below $55,000.
Unfortunately, the Gaussian channel has turned bearish in the short term while the trend has also maintained a steep downtrend. Moreover, the RSI has bottomed out and is unable to rise above the support. Therefore, Bitcoin (BTC) price is believed to remain under bearish pressure and test lower targets below $58,000 initially. If the bulls fail to trigger a recovery, the price could face extreme selling pressure and fall to levels near $54,500 in the coming days.
