As a researcher with experience in cryptocurrency markets, I have observed Bitcoin’s price taking a hit as it traded below the crucial support level of $60,000. The bearish trend is evident from the fact that the price has settled below this level and is now consolidating losses near $58,000. A major bearish trend line is forming with resistance at $58,000 on the hourly chart of BTC/USD pair.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin‘s price continued to decline and closed below the $60,000 mark. Currently, Bitcoin is taking a breather and holding steady around $58,000. However, it’s important to note that there’s a potential for further drops in the near future.
- Bitcoin extended losses and traded below the $60,000 zone.
The price is trading below $59,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down since there is a daily close below the $60,000 zone.
Bitcoin Price Takes Hit
As a crypto investor, I’ve noticed that Bitcoin’s price has been trending bearishly, dipping below the crucial support level of $60,500. In fact, it closed below the $60,000 mark, indicating a short-term downturn for the world’s largest cryptocurrency.
I’ve noticed a dip in price falling below the $58,000 mark. The low point was reached at $56,378, and currently, we’re in a phase of consolidating losses. There was a small uptick attempting to reclaim the $58,000 level, as well as approaching the 23.6% Fibonacci retracement level derived from the price swing high at $64,740 down to the low point at $56,378.
Currently, Bitcoin is hovering around the $58,500 mark and beneath its 100-hour moving average. The next level of resistance can be found near $58,000. Additionally, a significant bearish trend line is emerging on the hourly chart of BTC/USD pair, with resistance at $58,000.
As a crypto investor, I’d identify the first significant resistance level around $59,200. Subsequently, the next potential resistance could be at $60,500 or the 50% Fibonacci retracement mark of the downward price action from the peak of $64,740 to the trough of $56,378.
If the price breaks through the $60,500 barrier with conviction, it may surge towards the next resistance at $61,500. Overpowering this resistance could lead to further upward momentum, potentially pushing the price upwards towards $63,500.
More Losses In BTC?
If Bitcoin doesn’t manage to surpass the $58,500 barrier, there’s a strong possibility it may keep declining. The next significant support lies around the $57,000 mark.
Should the price fail to hold above the significant level of $56,500, it may initiate a downward trend towards the nearby support at $55,000. Further declines could potentially push the price towards the $53,500 support area in the short term.
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 – $57,000, followed by $56,500.
Major Resistance Levels – $58,500, $60,500, and $61,500.
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2024-05-02 06:22