10x Research: The $56,000/57,000 area is expected to become a major resistance level for Bitcoin

Odaily News 10x Research said in its latest report that Mondays Bitcoin crash is a key reference point in the markets recent history. Traders focus on the technical aspects of price movement, and even the most optimistic crypto traders must admit that the declines have become increasingly large: the May low was $56,500, the July low was $53,500, and the August low was $49,100. Although Bitcoin is currently trying to recover, strong resistance from a clear downtrend after the recent support breakout may be more challenging. Our bearish outlook stems from monthly technical indicators, which, as of May 2024, have reached historical levels that have led to price reversals in previous bull markets such as January 2018 and April 2021. We will only be able to confirm this in a few months. However, it has periodically influenced our expectations for price declines in April, June, and August 2024. From a technical perspective, the $56,000/57,000 area is expected to act as a significant resistance for Bitcoin, and a move above this level would be a positive sign. However, due to the prevailing downside risks indicated by incomplete technical indicators, it is crucial to place a firm stop loss on long positions ($54,000).