Yesterday we highlighted the Bearish Divergence on the hourly chart and today’s sell-off is a confirmation that the uptrend is exhausting. With BTC breaking $60K intraday, the level to watch is $58K, just under the 50-day SMA. This has also been a key support level since mid-October where there was a fakeout when prices broke below fib 2.16 near the $58000 mark. It has found support at the same level this morning. If $58K breaks, the next stop could be $54K.
