In recent days, bitcoin has experienced an unexpected jolt in the market, sending its price tumbling beneath the significant threshold of $60,000. Crypto market pundits warn of potential bearish momentum if BTC’s daily closure goes under this critical support zone.
Bitcoin, the world’s largest and most influential cryptocurrency, has begun another downward slide. The decentralized digital currency sagged below the $61,200 trading zone, reflecting a decline in investor confidence. Currently, it’s not only trailing below $62,000 but also lower than the 100 hourly Simple Moving Average, signaling that bears are indeed controlling the market.
Additionally, revealing a worrying trend for the cryptocurrency, a connecting bearish trend line has materialized with formidable resistance pegged at $60,400 shown on the BTC/USD pair’s hourly chart. The duo stands at risk of a speeding descent if they fail to successfully stabilize above $60,400 and consequently, $62,000 within the course of this week.
The bearish wave ushered another tumble for Bitcoin below the $62,500 support level. The BTC plummeted below the $61,200 level, a clear sign of the market bears’ strengths. In a surprising turn of events, they were even successful in driving the currency’s price below the notable $60,000 threshold, undeniably, a worrying sign for investors.
Amidst the turmoil, BTC registered low at $59,110, and the current situation shows the price consolidating these losses. A slight increment has been spotted over the critical $60,000 support level and the 23.6% Fibonacci retracement level of the latest drop from the swing high of $64,738 to the new low at $59,110.
Currently, Bitcoin is trading below $61,500 and the 100 hourly Simple Moving Average. The critical resistance hovers near the $60,400 territory. There seems to be a stubborn bearish trend line forming parallel to this resistance on the BTC/USD pair’s hourly chart.
Bitcoin’s first major resistance could sit at $61,200, followed by another stronger wall at $62,000 or the 50% Fibonacci retracemant level of its downfall from its swing high $64,738 to its present low at $59,110.
No clear path has been carved out yet, but interestingly, any strong drive above the $62,000 resistance point could elevate the price higher. The following resistance is marked at $62,500, where a clear move would allow the price to ascend in the future. In this particular scenario, it’s possible that the price could propel towards $64,000.
However, if bitcoin fails to hurdle above the $60,400 resistance zone, the odds are we might see it continue its downward trajectory. The immediate support on the downside hovers near $59,500.
The first critical support would be at $59,100. Should there be a closure below $59,100, the price could initiate a new downturn towards $58,000. Let’s remember here that a further loss could push the price closer to the support zone of $56,400 in the near future.
On the technical front, the Hourly MACD demonstrates more propulsion into the bearish zone. Meanwhile, the Hourly RSI (Relative Strength Index) for the BTC/USD pair lies below the halfway mark of 50.
Currently, the major support levels in sight are $59,500, followed by $59,100. Simultaneously, the significant resistance levels projecting ahead are set at $60,400, $61,200, and $62,000.
