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

Source Newsbtc
Jun 24, 2024 10:03

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

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

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
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold prices remain close to record highs as rate cut cheers persistsInvesting.com-- Gold prices rose in Asian trade on Thursday, remaining close to record highs as weakness in the dollar, amid increased bets on U.S. interest rate cuts, supported the yellow metal.
Author  Investing.com
Investing.com-- Gold prices rose in Asian trade on Thursday, remaining close to record highs as weakness in the dollar, amid increased bets on U.S. interest rate cuts, supported the yellow metal.
placeholder
GBP/USD slips back under 1.30 – ScotiabankCable has slipped back under 1.30 and has lost some ground versus the Euro (EUR) after the cross snapped higher from yesterday’s two-year low below 0.84, Scotiabank’s chief FX strategist Shaun Osborne notes.
Author  FXStreet
Cable has slipped back under 1.30 and has lost some ground versus the Euro (EUR) after the cross snapped higher from yesterday’s two-year low below 0.84, Scotiabank’s chief FX strategist Shaun Osborne notes.
placeholder
Ethereum ETF: Buy the rumor, sell the news?Spot ether ETFs, which will enable investors to buy the second most popular cryptocurrency just like stocks, are set to start trading in the U.S. next week.
Author  Investing.com
Spot ether ETFs, which will enable investors to buy the second most popular cryptocurrency just like stocks, are set to start trading in the U.S. next week.
placeholder
Wedbush says Palantir stock could nearly double from here. Here's howWedbush analysts issued a bullish outlook for Palantir Technologies Inc . (NYSE:PLTR) in a note Thursday, suggesting the stock could nearly double in value. They cite Palantir's central role in the AI revolution and expanding use cases for its products as key drivers of future growth.
Author  Investing.com
Wedbush analysts issued a bullish outlook for Palantir Technologies Inc . (NYSE:PLTR) in a note Thursday, suggesting the stock could nearly double in value. They cite Palantir's central role in the AI revolution and expanding use cases for its products as key drivers of future growth.
placeholder
Avoid this group of chip stocks as the US election approaches: CitiThe broader U.S. equity market saw a sell-off on Wednesday, dragging the Nasdaq 2.8% and the S&P 500 down 2.8% and 1.4%, respectively.The sell-off was led by a sharp pullback in the semiconductor sect
Author  Investing.com
The broader U.S. equity market saw a sell-off on Wednesday, dragging the Nasdaq 2.8% and the S&P 500 down 2.8% and 1.4%, respectively.The sell-off was led by a sharp pullback in the semiconductor sect
goTop
quote