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Bitcoin Bears Target $60,000 Level As Price Continue To Decline
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Bitcoin Bears Target $60,000 Level As Price Continue To Decline

Godspower Owie
Godspower Owie
11 months ago
2 mins read
Bitcoin

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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.

Bitcoin
Source: BTCUSDT on Tradingview.com

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.

Bitcoin
Source: BTCUSDT on Tradingview.com

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.

Bitcoin
BTC trading at $61,186 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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