As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price fluctuations in Bitcoin. The recent decline below $60,000 is concerning, but not entirely unexpected. The technical indicators suggest that the trend may continue bearishly if we see a daily close below the $60,000 support zone.
The price of Bitcoin dipped significantly and briefly dropped below the $60,000 mark. If Bitcoin fails to hold above this level during its daily closing, it may indicate a bearish trend.
- Bitcoin started another decline and traded below the $61,200 zone.
The price is trading below $62,000 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week.
Bitcoin Price Reaches Support
As a researcher studying the Bitcoin market, I’ve observed that the price has once again begun to slide downward, dipping below the support level of $62,500. The bears have gained momentum and successfully driven the price down to around $61,200. In an unexpected turn of events, they even managed to push the Bitcoin price beneath the $60,000 threshold.
At a price of $59,110, a low point was reached and the value is currently regrouping after incurring losses. There was a slight uptick above the $60,000 mark and also above the 23.6% Fibonacci retracement threshold of the recent downtrend from the peak of $64,738 to the trough of $59,110.
As a crypto investor, I’m observing that Bitcoin’s current price hovers around the $61,500 mark and falls below the 100-hour Simple Moving Average (SMA). The next resistance lies at approximately $60,400. Additionally, there seems to be a bearish trendline emerging on the hourly chart for BTC/USD pair, which reinforces the resistance level at $60,400.
One potential way to rephrase this in a more conversational and clear manner is: “The first significant hurdle for price advancement might be around $61,200. Subsequently, the next notable resistance could lie at $62,000 or the halfway mark of the recent price drop from the peak of $64,738 to the trough of $59,110.”
If the price breaks through the $62,000 barrier with conviction, it may surge higher, and the next hurdle lies at $62,500. Should the price successfully overcome this new resistance level, it could potentially continue climbing, possibly reaching towards $64,000.
More Downsides In BTC?
If Bitcoin doesn’t manage to surpass the $60,400 barrier, it might keep decreasing instead. The nearest support lies around the $59,500 mark.
As a crypto investor, I’d say: The first significant level of support for me is at $59,100. Should the price close below this point, it could potentially trigger a downward trend towards the $58,000 mark. Further losses might push the price towards the near-term support zone around $56,400.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $59,500, followed by $59,100.
Major Resistance Levels – $60,400, $61,200, and $62,000.
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2024-05-01 06:04