Bitcoin’s price has seen a significant drop recently, falling below the crucial support level of $60,000. Bears have gained control, pushing the price even lower. However, there is still hope for a bullish recovery if the price manages to close above this support zone.
The decline started when Bitcoin dropped below the $61,200 level, and the bears continued to exert pressure, pushing the price below $60,000. A low was formed at $59,110, and the price is currently consolidating these losses. There has been a slight increase above $60,000, but the price is still trading below $61,500 and the 100 hourly Simple moving average.
Immediate resistance lies near the $60,400 level, with a bearish trend line forming on the hourly chart at this level. The first major resistance level will be at $61,200, followed by $62,000. A clear move above these resistance levels could signal a potential upward movement, with the next resistance at $62,500 and a possibility of the price rising towards $64,000.
However, if Bitcoin fails to break above the $60,400 resistance zone, it could continue its downward trend. Immediate support is found near $59,500, with the first major support level at $59,100. A close below this level might lead to a further drop towards $58,000, and any additional losses could bring the price down to the $56,400 support zone.
Traders and investors should closely monitor technical indicators such as the MACD, which is currently showing bearish momentum, as well as the hourly RSI, which has dipped below the 50 level. It is crucial to conduct thorough research and analysis before making any investment decisions, as investing always carries inherent risks.