The S&P 500 Index (#SPX) rose about 2% last week to hit a new lifetime high, while #Bitcoin🪙 collapsed 11% during the same period to hit its lowest weekly close in four months.

This shows that Bitcoin has been underperforming the equity markets in the near term. However, some solace for the Bitcoin bulls comes from maintaining BTC price above the critical support of $56,552.

Bitcoin’s weakness has resulted in a pullback in several altcoins, which several investors view as a buying opportunity. 

#BTCUSDT🟠 for a selling opportunity around 58700 zone, Bitcoin is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 58700 .

🟢 Support Zone  : 52000 - 50950

🔴 Resistance Zone  : 58400 - 56670

Bitcoin🟠 Fear and Greed Index is 29 — Fear

Current price: $58,000

Bitcoin🟠 Fear and Greed Index is 52 — Neutral

Current price: $62,900

10. Plan for Taxes and Regulations: Understand the tax implications of cryptocurrency investments in your jurisdiction. Keep records of transactions and consult with tax professionals if needed to ensure compliance.🤜

Bitcoin🟠 broke the first resistance with strength. Now, it is moving to test the next  resistance of  $65300 - $64000 .

What do you think, can the price break this resistance, or will it fall?