Technical analysis by LiviusCato about Symbol BTC on 8/28/2024

Today, BTCUSD price continued to decline after failing to sustain above the important resistance level. Strong selling pressure pushed the price below $60,000, and it is currently hovering around $59,500. This correction is believed to be the market's reaction to concerns about further tightening of monetary policy from major central banks, especially after recent announcements on inflation and global economic growth.The market is waiting for further moves from major investors, and if this downtrend continues, BTC may retest important support levels below $58,000 in the coming days.On the technical chart, With the trendline break and selling pressure from the resistance zone around $61,510 with the 34.89 exponential moving average (EMA) showing signs of confluence nearby. I expect the technical downtrend to continue and target the nearest H3 levels of 58,083 - 51,131 respectively, after the recovery move that is now taking shape.