Bitcoin on the edge of the cliff

The crypto market is buzzing with intense anxiety as the monthly close looms ahead. All eyes are on $BTC as it teeters on the edge of a cliff. If it fails to close above $61,000, brace yourselves for a potential avalanche of losses.

$BTC Perilous Monthly Close

The crypto world is ablaze with a sea of crimson. Bitcoin is plummeting once more, and this time it seems there’s no turning back. With a current dip to $61,700, $BTC is teetering on the edge of a treacherous monthly close, just a few hundred dollars away from potential disaster.

2-Month Chart Shows Extreme Danger

Bitcoin Chart Trading View
Source: TradingView

As the sun sets on the 2-month chart, a glaring issue emerges – a towering wick reaching towards the heavens, a foreboding sign of bearishness. The small, indecisive body of the candle resembles a doji, but not just any doji – an “inverted cross doji.” The name alone evokes a sense of intrigue and mystery. What does it mean? It tells a story of relentless selling pressure, driving the price down against all odds.

A dip below $61,000 by the end of Tuesday could spell disaster for the cryptocurrency, with a potential downward spiral lasting for months.

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Stochastic RSI Could Save The Day

BitcoinU.S. Dollar Chart Trading View
Source: TradingView

As we delve into the weekly time frame, the $BTC price has taken a tumble, breaking through the trend line. But don’t fret, the overall upward trend remains unscathed. And here’s a glimmer of hope: the stochastic RSI is on our side. Take a look at the chart above and you’ll see it’s nearing its lowest point. Once it crosses back up, brace yourself for a surge in the $BTC price.

Let’s hold our breath and watch as Tuesday unfolds, eagerly anticipating the fate of BTC. As the price plunges below $61,000, the suspense builds – where will it land by day’s end? But let’s not forget, this is the wild world of bitcoin – a dip in the market may just be a golden opportunity to snag some coins at a bargain.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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