Bitcoin Bears Target $60,000 Level As Price Continue To Decline

by

As an experienced analyst, I’ve seen my fair share of market fluctuations in the cryptocurrency world, and Bitcoin’s current decline is a cause for concern. The price drop below $64,515 on the 4-hour chart and the fact that it’s now trading below the 100-day SMA on the 1-day chart are clear indicators of an actively bearish market.

As a crypto investor, I’ve noticed that Bitcoin is currently going through a significant downturn. Its price is inching closer to the critical threshold of $60,000. The market atmosphere has shifted dramatically toward pessimism, fueled by a mix of external economic factors and an escalating wave of sell-offs.

Recently, Bitcoin has had a hard time holding onto higher prices, causing unease among investors and dealers. With bears now in charge, the significance of the $60,000 mark cannot be overstated. Many are eagerly observing to determine whether this digital currency will regain stability or slide further.

As a crypto investor, I closely examine Bitcoin’s current price movement using technical indicators. I analyze both the short-term (4-hour) and long-term (1-day) trends to gauge the asset’s potential future direction.

At present, Bitcoin’s market value exceeds one trillion dollars, and its daily trading volume amounts to more than seventeen billion. The current Bitcoin price represents a 3.11% decrease, settling around sixty-two thousand three hundred and thirty-four dollars. In contrast, the market capitalization of Bitcoin has experienced a 3.09% reduction, but there has been an impressive surge of 96.46% in trading volume within the past twenty-four hours.

Current Market Overview For Bitcoin

At present, the 4-hour chart indicates a downward trend for Bitcoin’s price, which has significantly fallen beneath the $64,515 support mark. The graph further reveals that the price is headed towards the next support at $60,158.

Bitcoin Bears Target $60,000 Level As Price Continue To Decline

As a researcher, I’ve noticed an intriguing development in the market data. The 4-hour RSI (Relative Strength Index), which serves as the signal line for this indicator, has significantly dipped below the commonly accepted threshold of 50%. At present, it lies within the oversold zone. This finding suggests that there’s a potential for further price decreases in the market.

As a crypto investor, I’m keeping a close eye on Bitcoin’s price trend on the 1-day chart. Currently, Bitcoin is trading below the 100-day Simple Moving Average (SMA), indicating a bearish outlook. The price is dropping towards the $60,158 support level with significant downward momentum.

Bitcoin Bears Target $60,000 Level As Price Continue To Decline

In simpler terms, as the 1-day Relative Strength Index (RSI) for Bitcoin forms, it’s worth noting that the price may pose a greater risk for continuing its downward trend. The RSI’s signal line currently hovers near the oversold region, indicating that the asset could be undervalued based on recent price action.

Key Support Levels: Why $60,158 Matters 

Currently, I find myself observing Bitcoin (BTC) trending towards the $60,158 support mark. Two potential scenarios could unfold should the price reach this point: firstly, there might be a rejection at this level, leading the price to bounce back up; secondly, if BTC breaches the $60,158 support, it may continue its descent.

Should the price of Bitcoin fail to hold at the support of $60,158, it could lead to a continuation of its upward trend towards the next resistance at $64,515. If this barrier is surmounted, further growth may ensue, potentially pushing the cryptocurrency up to $71,909 and even beyond.

If the cost of Bitcoin falls beneath the current support level, it could continue dropping to challenge the $56,524 mark. Should that level succumb as well, Bitcoin’s downward trend might persist, potentially pushing it towards the $50,604 support and even lower prices.

Bitcoin Bears Target $60,000 Level As Price Continue To Decline

Read More

2024-06-24 13:16