Bitcoin price (BTCUSD) approaches the resistance – Forecast today - 03-05-2024

Bitcoin Price (BTCUSD) Analysis

Bitcoin price (BTCUSD) shows more bullish bias to approach the key resistance 60252.85$, which represents a cluster of key resistance levels. The previously broken 38.2% Fibonacci correction level meets the neckline of the triple top pattern that appears on the chart, beside the EMA50 that moves around these areas. This is accompanied by stochastic loss to the positive momentum clearly.

Therefore, these factors encourage us to suggest the bearish rebound in the upcoming sessions and head to visit 56100.00$ as the next main target. It's worth considering that breaching 60252.85$ followed by 60825.00$ will stop the bearish wave and lead the price to turn to rise and achieve additional gains that reach 65390.00$ areas.

The expected trading range for today is between 57000.00$ support and 61000.00$ resistance.

Trend forecast: Overall bearish