Bitcoin Rate Downtrend: Technical Analysis Unveils Potential Downside Targets

Bitcoin decline aligns with previous forecasts, possibly due to profit-taking post-crypto ETF excitement. Technical analysis indicates potential further depreciation.

Bitcoin Rate Trend Analysis

As anticipated, Bitcoin recent downtrend persists, with the rate hitting local lows around $60,900. This decline may be attributed to profit-taking following the excitement surrounding crypto ETF approval, akin to Ethereum recent trajectory.

The technical outlook suggests a possible continuation of the downtrend, with potential downside targets near the Fibonacci retracement level of 38.2% from the year beginning uptrend. This scenario hints at a forthcoming reversal of the uptrend.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)