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

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,774,846,664	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,774,846,664

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000514	0.42%	0.122356	0.122321	0.122356

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000514

0.42%

0.122356

0.122321

0.122356

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122403	0.121654	0.121842	0.121842	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122403

0.121654

0.121842

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	10:28:55	101.50	0.122356	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

10:28:55

101.50

0.122356

USD

Price x Volume	Volume	Base Symbol	Related Pairs
25,581.69	209,815.84	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

25,581.69

209,815.84

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

24/06/2024 11:03am

NEWSBTC

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. 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. 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. Featured image from iStock, chart from Tradingview.com

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