Could bitcoin breakout; Why is bitcoin down today? (*CRUCIAL*)
General Market Conditions
Bitcoin is currently re-testing the 60k level, if it breaks and holds it is a key psychological level and may be due for a breakout, however if Bitcoin fails it will experience downward momentum perhaps plummetting to the support level of 49k as we saw on the 5th August.
Bitcoin is the lowest it has been in the last week, mainly due to fundamental analyst and lack of good news surrounding the world at the moment.
What to look for
Currently for a short term breakout we are looking for bitcoin to re-test the 60.4k support levels followed by 61k however the most crucial point for bitcoin at the moment is the 65k resistance level. As with any market I will not pretend to know or predict the price however these points currently are crucial for bitcoin,
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