Bitcoin price (BTCUSD) forecast update - 01-05-2024

Bitcoin Price Analysis: Expected Scenarios

Bitcoin price (BTCUSD) declined strong this morning to succeed reaching the thresholds of the new waited target at 56100.00$, and the way seems open to surpass this level and achieve more bearish correction, as the price is affected by the negative pattern that appears on the chart, noting that breaking the mentioned level will push the price towards 51946.15$ as a next negative target.

• Bearish trend scenario

Therefore, the bearish trend will remain valid unless the price rallied to breach 60252.85$ followed by 60845.00$ levels and hold above them.

• Bearish trend continuation

The expected trading range for today is between 55500.00$ support and 59000.00$ resistance.

Trend forecast: Bearish