On Monday Asia session, bitcoin continued to fall. The current price is at US$57450. The market value of cryptocurrency is 2.75 trillion U.S. dollars, and the market value of Bitcoin accounts for 40.3%. The computing power soars, and the difficulty of mining reaches the highest level. The Central Bank of the Philippines is considering launching a CBDC soon.
From a technical perspective, the weekly graph closed bearish and lost all the increase in almost a month. The daily graph was bearish and moved around lower BOLL Band. On H4 graph, Bitcoin’s reversal seems to fail. MA formed Death Cross. MACD kept falling. Overall, prioritise Sell on the high position. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 58300.
Resistance：58300-60000-61000
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