Technical analysis by LyricBridge5207 about Symbol BTC on 8/6/2024

On August 5th, Bitcoin dropped below the 50,000 mark, invalidating a previously established channel. Currently, Bitcoin is testing the 57,000 level. If this test is successful, Bitcoin could rise to the 61,000 level, where it may face a minor retest before continuing its upward trajectory. However, the heavy order concentration and liquidations between the 60,000 and 63,000 levels could present significant challenges. Optimistic Scenario (Green Arrow): After navigating the fluctuations above the order block, Bitcoin successfully tests the blue line, confirming support, and continues its upward trend. Pessimistic Scenario (Red Arrow): Bitcoin faces substantial resistance within the 60,000 to 63,000 range due to high order activity, leading to a reversal and a potential decline back to the 45,000 level.