Bitcoin Bears Target $60,000 Level As Price Continue To Decline
2024年6月24日 - 7:03PM
NEWSBTC
Bitcoin is currently experiencing a notable decline, with its price
steadily approaching the crucial $60,000 mark. The market sentiment
has turned increasingly bearish, driven by a combination of
macroeconomic factors and a recent surge in selling pressure.
This shift has seen Bitcoin struggling to maintain higher levels,
triggering anxiety among investors and traders. As the bears take
control, the $60,000 threshold becomes a focal point, with many
watching closely to see if the crypto asset can find support or
continue its downward trend. With the help of technical indicators,
this analysis focuses on analyzing Bitcoin’s current price action
and its impact on the asset’s future focusing on the 4-hour and the
1-day timeframe. As of this writing, the market capitalization of
Bitcoin is over $1.2 trillion, with a trading volume of over $17
billion. The cryptocurrency price is now down 3.11%, trading at
roughly $62,334. Despite a 3.09% decrease in market capitalization,
there has been a 96.46% increase in trading volume over the last
day. Current Market Overview For Bitcoin Currently, as it can be
observed on the 4-hour chart the price of Bitcoin is actively
bearish and has hugely dropped below the $64,515 support level. It
can also be noticed here that the price is dropping toward the
$60,158 support level. Also confirming the above claim is the
4-hour Relative Strength Index (RSI) as the signal line of the
indicator has sharply dropped below 50% and is currently trending
at the oversold section. This indicates that there is a chance of
further price decline. Bitcoin’s price on the 1-day chart is also
actively bearish as it is presently trading below the 100-day
Simple Moving Average (SMA) dropping towards the $60,158 support
level with strong bearish momentum. Lastly, with the formation of
the 1-day RSI, it can be suggested that BTC’s price poses more of a
threat to extending its decline as the signal line of the indicator
having dropped below 50% is actively trending close to the oversold
zone. Key Support Levels: Why $60,158 Matters Presently, BTC
is dropping toward the $60,158 support level. Two possible events
may occur if the price reaches this level, either it experiences a
rejection and begins to move upward or it breaches this level and
continues to move downward. Therefore, if there is a rejection at
the $60,158 support level, BTC may start moving upward toward the
$64,515 resistance level. If this level is breached, the crypto
asset may experience more price growth toward the $71,909
resistance level and possibly other levels above. On the other
hand, if the price of BTC breaks below this support level, it will
keep falling to test the $56,524 support level. Should this level
be broken, Bitcoin might decline even further, testing the $50,604
support level and perhaps even lower levels. Featured image from
iStock, chart from Tradingview.com
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