Are the bitcoin bears back? Could Bitcoin Dip Below $60,000?

Are the bitcoin bears back? Could Bitcoin Dip Below $60,000?

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Answer Are the bitcoin bears back? Could Bitcoin Dip Below $60,000?

Bitcoin price failed to gain strength above the $66,000 resistance area.

Then Bitcoin fell near $66,400 and started a new low.

There was a significant drop below the $65,000 support and the 100 hourly simple moving average.

The price even traded below the $63,500 and $63,000 support levels.

Bears gaining momentum to move below the $62,000 support area.

The bottom was formed near $61,126, but it also stopped short of a downside wave as Bitcoin fell below $61K to keep the support level at $60,500.

The next stop if Bitcoin continues to decline is at the psychological level of 60 thousand dollars, and in the event of a drop below it, we may see more declines.

Read:The risks of decentralized finance continue … the price of a digital currency drops by more than 70 percent due to a technical glitch

Currently, there is resistance near the $61,000 level.

A clear break above the $62,400 resistance may open the doors to a steady recovery.

The next major resistance is near the $63,000 level.

The major breakout resistance is now forming near the $63,750 level.

The 50% Fib retracement level of the recent decline from the $66,349 swing low to $61,126 low is also near the $63,750 level to act as a major obstacle.

More losses facing Bitcoin?

If Bitcoin fails to recover above the $63,000 resistance area, this could lead to an extension of the decline.

There is immediate support on the downside near the $61,200 level which has turned into resistance at the moment.

The first major support is now forming near the $61,000 level. The next major support is near the $60,000 level, below which the bulls may struggle to keep the price in the green in the short term.

Technical indicators:

  • MACD Hourly: MACD is now gaining pace in the bearish zone.
  • Hourly RSI (Relative Strength Index): It is now in the oversold territory.
  • Current key support levels: 60,500, followed by $60,000.
  • Key resistance levels: $61,000, $62,400 and $63,000.

The effect of the Taproot upgrade on the Bitcoin price is yet to be clearly seen.

Read:Bitcoin is facing an “inflection point”, according to the director of the information department at “Soros” company.

There is a significant event today in the VanEck Bitcoin ETF Futures Trading and Bitcoin could rise and come out of the negativity currently in place at the time of publication.

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