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HomeLatestBitcoin Price (BTCUSD) Begins with New Negativity: Forecast for July 8, 2024
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Bitcoin Price (BTCUSD) Begins with New Negativity: Forecast for July 8, 2024

Bitcoin (BTCUSD) Price Analysis

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Bitcoin (BTCUSD) has commenced today’s trading session with a notable decline, breaking below the crucial support level of 56160.00$. This development reinforces the continuation of the bearish trend in both the intraday and short-term perspectives. Our next anticipated target stands at 51990.00$, marking the 61.8% Fibonacci correction level calculated from the entire rise observed between 38500.56$ and 73817.92$.

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The presence of a double top pattern on the chart signals a potential completion, suggesting further downside risks over the longer term. However, a decisive break above 56160.00$ and sustained trading above this level could alleviate the current negative pressure, prompting Bitcoin to initiate recovery attempts on an intraday basis.

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Expected Trading Range

The expected trading range for today is anticipated to fluctuate between a support level of 52000.00$ and a resistance level of 57000.00$.

Trend Forecast: Bearish

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