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Bitcoin price drops by 5% - Will bulls rally to save the week? 📉🐂

Bitcoin price drops by 5% – Will bulls rally to save the week? 📉🐂

Bitcoin Faces Fresh Decline Below $60,000 Support

Bitcoin has experienced a recent downward trend, falling below the crucial $60,000 support level. The cryptocurrency struggled to initiate a recovery above the $62,850 resistance, resulting in bears gaining control and pushing the price below $61,200. This led to a significant drop below $60,000, marking a 5% decline in value.

After reaching a low of $57,890, Bitcoin is currently consolidating its losses. Although there was a slight uptick above $58,500, the price is still trading below $61,500 and the 100-hourly Simple Moving Average. Additionally, a bearish trend line has formed with resistance at $60,000 on the hourly chart of the BTC/USD pair.

Struggle To Regain Momentum Above Key Resistance Levels

Despite the ongoing consolidation, Bitcoin faces several hurdles in regaining bullish momentum:

  • The price may struggle to surpass the $60,850 resistance zone and the aforementioned trend line.
  • The initial significant resistance lies at $60,000, followed by the 50% Fibonacci retracement level of the recent downward move.
  • A clear breakthrough above $61,500 could potentially kickstart a bullish trend, with targets set at $62,250 and $63,500.

Possible Scenarios for Bitcoin Price Movement

Considering the current technical indicators and resistance levels, here are some potential scenarios for Bitcoin’s price movement:

  • If BTC exceeds the $60,000 resistance, it could face further downside momentum.
  • Immediate support levels include $58,250 and $58,000, with a subsequent support forming around $57,800.
  • A sustained downtrend might lead to a test of the $56,500 support zone in the near future.

Key technical indicators to monitor include the Hourly MACD, which is showing momentum in the bearish zone, and the Hourly RSI, currently below the 50 level.

Major support levels to watch include $58,250 and $58,000, while resistance levels are at $59,250 and $60,000.

Hot Take: Stay Informed to Navigate Bitcoin’s Price Volatility

As Bitcoin continues to experience fluctuations in its price, keeping a close eye on key resistance and support levels is crucial for making informed trading decisions. By staying informed about technical indicators and potential scenarios, you can navigate the current volatility in the cryptocurrency markets with greater confidence.

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Bitcoin price drops by 5% - Will bulls rally to save the week? 📉🐂