The aftermath of the halving event has led to more bloodbaths for Bitcoin BTC as it continued to follow a negative sentiment in the past week. It may lose the crucial $60k level if it bleeds throughout this week.
Posting a moderate gain a few days after the halving, Bitcoin initiated drops last week and continued to show signs of weakness. Although, it stayed calm and consolidated above the $63,000 level last weekend.
But unfortunately, the level failed to hold firmly and the crypto lost ground overnight, entering the new week on a bearish note. The price appeared weaker on the day as it now charges towards the $62,000 level.
This poor performance is majorly traced to a steady increase in the supply level over the past few weeks, causing a lot of bearish sentiments. The bears are technically in control in the short term. A pull below the previous low could result in a bigger sell-off, bringing the price to a low of $53,000.
However, the future looks promising for Bitcoin if we consider the surrounding market speculations and the bull run that mostly follows the halving.
While it is still looking for a key level to resume buying, there’s still hope for the bulls as bigger moves lie ahead from a long-term perspective.
Bitcoin’s Key Levels To Watch
Source: Tradingview
Bitcoin has extended selling this week, and as a result, we may see a drive towards the $60,775, $60,000 and $59,000 support levels. Losing these supports could activate a huge sell-off to the $56,000 support to test the ascending trendline. Below it lies the $53,000 level.
Inversely, the $64,500 level is held as an immediate resistance level. A recovery above this level could bring a retest at $66,867. The $69,000 level would be the next resistance to keep in mind if the price increases.
Key Resistance Levels: $64,500, $66,867, $69,000
Key Support Levels: $60,775, $59,000, $56,000
- Spot Price: $62,431
- 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.
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