BITCOIN - BTC/USD - BTCUSD could see further downside risks - 08/28/2024 (GMT)

Bitcoin dipped below $60,000 as gains it reversed gains from expectations of Fed rate cuts. The decline, which also impacted Ether, is compounded by concerns over the US government's potential selloff of seized tokens, adding to market uncertainties.

From a technical perspective, BTCUSD remains under pressure following a reversal below the 65500 resistance. A further decline towards the 52000 support might occur if the price sustains its bearish momentum. MACD also hovers near the zero threshold, and a bearish crossover of the MACD and signal line could indicate further price weakening. Conversely, if BTCUSD breaks above 65500, the price could retest the upper bound of the descending channel near 67500.