Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K

Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K

CoineditionCoinedition2024/05/13 13:10
By:Ikemefula Aruogu
  • There is increasing bearish pressure on Bitcoin’s price.
  • BTC is putting in lower highs and lower lows since it achieved an ATH in March.
  • Breaking below the latest daily swing low could cause BTC to drop to $51K.

There is increasing bearish pressure on Bitcoin’s price as the flagship crypto repeatedly fails to break above resistance levels. In a gradual trend, BTC has continued to put in lower highs and lower lows since it achieved a new all-time high (ATH) in March 2024. While many analysts consider the pullback an accumulation, breaking below critical support could lower Bitcoin’s price.

Data from TradingView shows that Bitcoin met resistance around $65,500 after recovering from the $56,500 swing low. That level also represents the 0.5 Fibonacci retracement level, covering the drop from the ATH to the recently identified swing low.

Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K image 0 Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K image 1

BTCUSD Daily Chart on TradingView

The latest phase of the Bitcoin trend has introduced a new dynamic into the pioneer crypto’s price projections. Initially, the majority of analysts assumed the BTC retracement to be an accumulation that would soon meet substantial support and initiate a turnaround. However, the recent price behavior suggests increasing bearish pressure for Bitcoin.

Notably, Bitcoin’s daily chart reveals the flagship crypto is trading in a consistent downward channel. Continuing with this pattern could lead to BTC dropping below $60,000 for the second time since achieving the March 2024 ATH. That could also escalate the developing Fear, Uncertainty, and Doubt (FUD) sentiment, with traders selling off their BTC holdings. 

For that to happen, BTC could break below the recent swing low and head toward the next significant support of around $51,000. However, with a resurgence, BTC could reclaim the $65,500 resistance level, a break above which could trigger a rally towards $70,000.

Bitcoin traded for $61,658 at the time of writing, the 0.23 Fibonacci support. Although in small measure, the flagship crypto has delivered consecutive bullish candles in the past 48 hours. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ripple announces tokenized money market fund launching on XRP Ledger

Ripple said a tokenized money market fund has launched on the XRP Ledger.The launch was made possible through a partnership with Archax, an FCA-regulated digital asset exchange.

The Block2024/11/25 21:23

The Daily: MicroStrategy buys record $5.4 billion in bitcoin, Sky Mavis cuts 21% of its workforce and more

Business intelligence firm and corporate bitcoin holder MicroStrategy purchased another 55,500 BTC for $5.4 billion between Nov. 18 and Nov. 24, according to an 8-K filing with the SEC on Monday.Axie Infinity crypto game developer Sky Mavis is laying off 21% of its workforce, affecting about 50 of its 250 global team, amid a “shift in priorities,” according to CEO and co-founder Trung Nguyen.Solana’s decentralized exchanges surpassed $100 billion in monthly trading volume for the first time, generating a r

The Block2024/11/25 21:23

Justin Sun's Tron buys $30 million of Trump-backed World Liberty Financial tokens

Tron founder Justin Sun said his firm has bought $30 million worth of World Liberty Financial tokens, the crypto project supported by newly-elected U.S. President Donald Trump.Sun said the purchase made Tron the largest investor in World Liberty Financial.

The Block2024/11/25 21:23