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Last Updated Date: 11 May 2021 @ 7:37 AM (UTC)
*Please note that all the dates are in GMT time zone

Since April 14, Bitcoin bulls have failed to sustain above the $60,000 overhead resistance. BTCUSD has been in a downward correction between $48,000 and $60,000. If buyers have broken the $60,000 psychological price level, Bitcoin would have resumed the second leg of an uptrend that would have seen BTC price reached the high of $70,000.

Today, Bitcoin is in a downward move since May 10 after its rejection from the high of $59,589. The king coin has fallen to the low of $55,102 at the time of writing. The crypto has lost the $58,000 crucial support level.

The market suggests a turnover, signaling for bear trending selloffs to reach under the 52,950 swing low that will help motivate selloffs. Any corrective recovery action should stay trapped in last week’s range to maintain bear trend signals. However, a close over 60,072 is needed to start a turnaround.


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