Bitcoin Price Under Pressure, Potential Drop to $60,000
- Structural Weakness: Bitcoin's rejection at the mid-resistance level of $68,000 indicates structural weakness, increasing the likelihood of a corrective move toward the $60,000 support, reflecting ongoing bearish market sentiment.
- Market Control: Sellers maintain control across lower timeframes, and although there was a short-term bounce, the lack of strong volume suggests market participants remain hesitant to aggressively buy at current levels.
- Liquidity Attraction: Bitcoin recently tapped into the lower boundary of the value area, typically attracting buyers seeking discounted entries; however, the muted reaction following this liquidity sweep indicates the market may still be in a redistribution phase.
- Key Support Level: The $60,000 level is viewed as a significant decision zone, with traders closely monitoring whether buyers will step in to defend support; a drop below this level could open the door for a deeper corrective phase.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 55822.145 | 59627.992 | 63371.305 | 67177.152 | 70920.465 | 74726.312 | 78469.625 |
| Fibonacci | 59627.992 | 62511.771 | 64293.373 | 67177.152 | 70060.931 | 71842.533 | 74726.312 |
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