BTC/USD - 1H - Technical analysis published on 05/02/2024

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The bearish basic trend is very strong on BITCOIN - BTC/USD but the short term shows some signs of running out of steam. However, a sale could be considered as long as the price remains below 59,101.97 USD. Crossing the first support at 56,647.22 USD would be a sign of a further potential price plummet. Sellers would then use the next support located at 55,575.35 USD as an objective. Crossing it would then enable sellers to target 50,742.68 USD. Caution, a return to above the resistance located at 59,101.97 USD would be a sign of a possible consolidation phase of the short-term basic trend. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.

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