After taking a short bearish break last weekend, Bitcoin recovered briefly and later faced resistance near $67k yesterday. It lost ground again and now taking another downturn.
Last Saturday, Bitcoin tested a low of $60,775 after witnessing a roller coaster throughout the week. Eventually, that low held as support and the price pulled back, ending the weekend a bit strong.
That led to a greenish start this week and the price increased to exactly $66,867 yesterday before facing rejections there. It quickly lost grip above the $65,000 level and the price slipped into the $62,000 range a few hours ago.
Now that the bears are back in action again, the price could revisit last week’s low for support. Failure to hold strong could lead to a breakdown to the ascending support line that broke as resistance during February’s rally.
However, if the $60k level produces support in the course of this drop, we can expect a solid bounce back in no time. And if that comes into play, we should expect the bulls to return.
But from the look of things, the bears are much more likely to sustain momentum for a while before witnessing exhaustion as bigger drops lie ahead for the primary cryptocurrency.
Despite the pre-halving drops, Bitcoin remained super bullish on the macro level as it currently undergoes correction to reaccumulate for a stronger rally, which may in turn lead to a parabolic movement in the future.
Bitcoin’s Key Levels To Watch
Now that Bitcoin is experiencing another weekly downturn, we may need to look out for potential support levels for a test.
Currently, the $60,775 support level is held as a monthly low. Breaking it could dip the price to a lower level of $59,000 and mainly the $56,000 level, where the support trendline lies.
Towards the upside, there’s resistance at $64,500, followed by the recently rejected $66,867 level. The $69,000, $71,800 and $73,777 levels are other resistance to watch for an increase.
Key Resistance Levels: $64,500, $66,867, $69,000
Key Support Levels: $60,775, $59,000, $56,000
- Spot Price: $62,413
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: luzazure/123RF // Image Effects by Colorcinch