The BTC/USDT daily chart shows Bitcoin breaking through a previously identified resistance level (red trendline), now acting as a support. The current price action is testing this support, which could be interpreted as a retest.
Key scenarios:
1. Bullish Outlook: If the daily candle closes above the current support level (around the red trendline), it indicates a successful retest, likely pointing towards bullish momentum. The price may aim for higher resistance zones, such as the ones near $70,000 and beyond.
2. Bearish Outlook: If the daily candle closes below the support level, this could signal a rejection, and we might expect further downside movement toward the next support zone, potentially around $58,000 or even $54,000.
Traders should monitor daily closes closely to gauge potential breakouts or breakdowns.
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