Technical analysis by Justin_hello about Symbol BTC: Buy recommendation (7/16/2024)

Economic slowdowns in some regions of the world, including China and the Eurozone, may affect the demand for investment in Bitcoin. BTCUSD is currently in a strong uptrend after recovering from the bottom. The price has surpassed key resistance levels and is currently undergoing a slight correction after reaching recent highs. The chart shows a cup and handle pattern, a common bullish pattern, indicating the potential for the price to continue rising after the short-term correction. In the short term, BTCUSD is likely to continue rising or may slightly decline to the support zone at 63,118 to prepare for the next upward move.