Bitcoin price (BTCUSD) surpasses the target – Forecast today - 01-05-2024

Bitcoin (BTCUSD) Price Analysis

Expected Scenario

• Bitcoin price (BTCUSD) ended yesterday below 60252.85$ level, which supports the continuation of the bearish trend on the intraday and short-term basis, on its way to visit the next correctional level at 56100.00$.
• On the other hand, we notice that the price completed forming double top pattern that might push the price to suffer additional losses that reach 51946.15$ on the near-term basis, supported by the EMA50 that continues to press negatively on the price.
• Therefore, the bearish trend will remain dominant conditioned by the price stability below 60252.85$ and 60845.00$ levels, as surpassing these levels will cancel the suggested negative formation and lead the price to attempt to recover on the intraday basis.

Expected Trading Range

Between 57000.00$ support and 61500.00$ resistance.