Bitcoin – Bears strengthen their hold, reinforcing emerging reversal signals

BTC/USD is hovering near a one-month low early Friday, marking its fourth consecutive day in the red and heading for a second weekly loss.

Signs of a potential reversal pattern are emerging on the weekly chart, with a series of lower highs and lower lows forming from the record peak of 73,839, though confirmation is still awaited.

Fresh bearish pressure is testing key double Fibonacci support levels at 54,969/54,850 (61.8% retracement of the 48,738/65,050 move and 38.2% retracement of the 24,129/73,839 uptrend). A break below these levels could trigger a deeper decline, targeting the July low of 53,142, followed by the psychological 50K level and the Aug 5 low of 48,738.

Strengthening negative momentum and multiple moving average bear-crosses on the daily chart reinforce the bearish outlook.

Any corrective upticks are likely to be capped by the falling 10-day moving average (58,220), with stronger resistance at the 60,000 mark (psychological, reinforced by the 20DMA). A break above 60,000 would weaken the bearish scenario.

Res: 56894; 57800; 58220; 59814
Sup: 54969; 54850; 53904; 52587