It seems like $BTC is facing a challenging time, with a bearish weekly closing and a strong close below the support zone. The daily chart is also looking bearish, with the price trying to hold above the trendline as support.
The current situation suggests that the market is under pressure, and the price is at a critical juncture. The trendline support is a key level to watch, as a break below it could lead to further downward momentum.
The NY session today will be crucial in determining the market's reaction to this bearish setup. If the price can hold above the trendline support, it may indicate a potential bounce or consolidation. However, if the price breaks below the trendline, it could lead to a further decline.
Traders and investors will be closely watching the price action today to gauge the market's sentiment and make informed decisions. Will $BTC be able to hold above the trendline support, or will the bearish pressure prevail? The next few hours will be telling.
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