According to new analysis, a bullish divergence has been confirmed on the two-hour Bitcoin chart, pointing towards a possible short-term price relief.
Current Trend
Bitcoin remains in a bearish trend, forming lower highs and lower lows on the two-day chart. However, the recent bounce suggests a possible short-term relief or pause in this bearish trend.
Support and Resistance Levels
Support: Bitcoin has bounced from a key support zone between $56,000 and $57,000. If the price drops below $56,000, the next major support lies between $51,000 and $53,000. Resistance: On the upside, Bitcoin faces significant resistance at $60,000 to $61,000, $63,000, and a major barrier between $67,000 and $68,300.
Liquidity and Funding Rates
The majority of liquidity in the short term is above the current Bitcoin price, with significant levels around $59,800 to $60,200 and $62,000. Funding rates across exchanges are slightly negative, which is a bullish signal, reinforcing the likelihood of a short-term relief in price.
Forecasts indicate slight potential bullish momentum for Bitcoin given the negative funding rates. Meanwhile, Ethereum is holding strong above a significant support level, suggesting a short-term consolidation phase.
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