Bearish on Bitcoin (BTC) โ Target Price: ~$70,000Technical Analysis:
The provided chart illustrates Bitcoin's (BTC/USD) current position within a descending channel, marked by red resistance and green support lines. The series of lower highs, indicated by the red arrows, reinforces the prevailing bearish momentum. A potential breakdown from the current trading level of approximately $85,079 could lead to a decline toward the green support line, aligning with a target price around $70,000.โ
Fundamental Analysis:
Recent developments provide additional context to this bearish outlook:โ
Market Sentiment: Betting markets suggest that Bitcoin has likely peaked for the year, hovering just above its January high of $109,000.
Macroeconomic Factors: Concerns over President Trump's tariff policies and broader economic conditions have contributed to Bitcoin's recent decline. Analysts warn of further downside risks due to ongoing uncertainties in global trade and inflation.
Trading Strategy:
Entry Point: Consider initiating a short position on BTC at the current price of approximately $85,079.โ
Target Price: Set a price target of $70,000.โ
Stop-Loss: Implement a stop-loss order at $88,000 to manage potential upside risk.โ
