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Bitcoin (BTCUSD) Price Forecast Update – 09-07-2024

Bitcoin (BTCUSD) Price Analysis

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Expected Scenario

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Bitcoin price (BTCUSD) displayed mixed trading dynamics yesterday, failing to stabilize, and attempting to break above $56,160.00 without sustaining below it. Today, it has started with a bullish bias aiming to test the key resistance level at $58,660.00. As highlighted in our previous report, these levels are crucial trend indicators, and Bitcoin needs to surpass one of them to determine its next clear direction.

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Continued positive trading and a breach above the mentioned resistance could complete a double bottom pattern, potentially driving the price towards targets starting at $60,325.00 and extending to $62,600.00. Conversely, a breakdown below support levels would likely prompt Bitcoin to resume its main bearish trajectory, with the next downside target around $51,990.00.

Expected Trading Range

  • Support: $54,600.00
  • Resistance: $60,000.00

Trend Forecast: Neutral

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