Why Bitcoin (BTC) Price Could Dip Further

Bitcoin (BTC) Price Faces Bearish Resistance

According to analyst CryptoJobs3, Bitcoin's price continues to encounter resistance levels, indicating potential bearish trends. The daily price action remains neutral, with struggles to surpass crucial resistances.

Key Resistance Levels Holding Back

Bitcoin's price is currently below key levels: $57,700, $58,500, and $59,600. The daily chart displays neutral price movements, and despite intermittent upward trends, the overall sentiment is bearish.

CryptoJobs3 emphasizes that unless BTC breaks above $59,600 at the daily close, traders may experience further downward pressure. Caution is advised regarding potential "bull traps," where brief price increases can create false optimism.

Weekly Doji Signals Uncertainty

A Doji candle on the weekly chart indicates indecision among investors. Doji formations often suggest hesitation, with neither bulls nor bears gaining control. This suggests that Bitcoin may continue to trade sideways as market participants await further signals.

Anticipated market volatility is also expected due to the upcoming speech by Federal Reserve Governor Waller and the U.S. Jobs Report. CryptoJobs3 speculates that Bitcoin may experience bullish momentum today, potentially followed by a pullback after these events.

Bearish Continuation Possible

If Bitcoin fails to break through resistance levels, an analysis suggests a potential drop towards $54,000. Traders are encouraged to consider short-term profit-taking, given the risk of further correction.

Until Bitcoin establishes support above $59,600, the likelihood of bearish continuation remains, with various resistance levels limiting sustainable upward movement.