Bitcoin's Price Outlook: Analysts Predict Deeper Losses or a Potential Rally
Bitcoin's recent drop below a multiweek trading range has raised concerns among technical analysts, who warn of deeper losses if key support levels are not defended. The cryptocurrency's downside has been limited around the 50-day simple moving average (SMA) at $29,140, but a break below this level could increase downside risk to long-term support near $25,200. Weekly chart indicators suggest a potential move below the 50-day average, with overbought downturns and a possible sell signal on the MACD histogram. Traders are closely watching the decisions of major central banks this week, as they could impact the market's consolidation and set the trend for the coming weeks.