Bitcoin Dives, Breaks $60K: Market Reels From Sharp Decline

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,774,142,442	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,774,142,442

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000564	0.46%	0.122406	0.122346	0.122396

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000564

0.46%

0.122406

0.122346

0.122396

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122662	0.121654	0.121842	0.121842	0.071373 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122662

0.121654

0.121842

0.071373 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	15:19:09	23.91	0.122406	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

15:19:09

23.91

0.122406

USD

Price x Volume	Volume	Base Symbol	Related Pairs
209,807.25	1,713,745.05	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

209,807.25

1,713,745.05

Bitcoin Dives, Breaks $60K: Market Reels From Sharp Decline

25/06/2024 4:05am

NEWSBTC

Bitcoin price gained bearish momentum and traded below $60,000. BTC is signaling a short-term downtrend and might face hurdles near $62,000. Bitcoin started a fresh decline from the $62,550 resistance level. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above the $62,000 resistance zone. Bitcoin Price Nosedives Bitcoin price failed to recover above the $63,500 level. BTC struggled above $63,000 and started another decline. There was a strong decline below the $62,000 and $61,500 levels. The price even declined below the $60,000 level. A low was formed at $58,448 and the price is now correcting losses. There was a minor increase above the $59,800 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. If there is a recovery wave, the price could face resistance near the $61,500 level. The first major resistance could be $62,150 or the 50% Fib retracement level of the downward move from the $64,460 swing high to the $58,448 low. The next key resistance could be $62,500. There is also a key bearish trend line forming with resistance at $62,400 on the hourly chart of the BTC/USD pair. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $65,000 resistance in the near term. Another Drop In BTC? If Bitcoin fails to climb above the $62,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,200 level. The first major support is $60,000. The next support is now forming near $58,500. Any more losses might send the price toward the $57,000 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 – $61,200, followed by $60,000. Major Resistance Levels – $62,150, and $62,500.

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