Bitcoin Price Settles Below $60K, Is This A Critical Bearish Sign?
02 May 2024 - 1:12PM
NEWSBTC
Bitcoin price extended losses and settled below $60,000. BTC is now
consolidating losses near $58,000 and remains at risk of more
downsides in the near term. Bitcoin extended losses and traded
below the $60,000 zone. The price is trading below $59,000 and the
100 hourly Simple moving average. There is a major bearish trend
line forming with resistance at $58,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could continue to
move down since there is a daily close below the $60,000 zone.
Bitcoin Price Takes Hit Bitcoin price remained in a bearish zone
and traded below the $60,500 support level. BTC even settled below
the $60,000 level to enter a short-term bearish zone. There was a
drop below the $58,000 level. A low was formed at $56,378 and the
price is now consolidating losses. There was a minor increase
toward the $58,000 level and the 23.6% Fib retracement level of the
downward move from the $64,740 swing high to the $56,378 low.
Bitcoin is now trading below $58,500 and the 100 hourly Simple
moving average. Immediate resistance is near the $58,000 level.
There is also a major bearish trend line forming with resistance at
$58,000 on the hourly chart of the BTC/USD pair. The first major
resistance could be $59,200. The next key resistance could be
$60,500 or the 50% Fib retracement level of the downward move from
the $64,740 swing high to the $56,378 low. Source: BTCUSD on
TradingView.com A clear move above the $60,500 resistance might
send the price higher. The next resistance now sits at $61,500. If
there is a clear move above the $61,500 resistance zone, the price
could continue to move up. In the stated case, the price could rise
toward $63,500. More Losses In BTC? If Bitcoin fails to rise above
the $58,500 resistance zone, it could continue to move down.
Immediate support on the downside is near the $57,000 level. The
first major support is $56,500. If there is a close below $56,500,
the price could start to drop toward $55,000. Any more losses might
send the price toward the $53,500 support zone in the near term.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now below the 50 level. Major Support Levels –
$57,000, followed by $56,500. Major Resistance Levels – $58,500,
$60,500, and $61,500.
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