Bitcoin’s price is still weak but has seen a small increase after rejecting $60,300 last weekend. However, it is gathering momentum as it forms a new bearish pattern with a 55.8% dominance at press time.
After tapping $62,750 two weeks ago, Bitcoin marked resistance there and showed signs of weakness. This led to a notable reduction and the price dropped to a low of $56,000 last week. It rejected this low and increased an inch above the $60,200 level in the weekend.
Losing grip above this level to $58,200, BTC currently looks poise for a major move as it slowly gathers liquidity for a sell-off. Although the price is briefly up today as it currently trades at around$58,700.
Looking at the bigger picture on the 4-hour timeframe, the bearish build-up is well captured in a lower low and lower high movement and from a technical perspective, the price may drop into the $54k range this week.
A large extension of this drop could plummet the price straight to $50k. Bitcoin’s wedge’s lower boundary should provide support if the monthly low collapses. $70k is a key level to watch for a wedge break-up.
Now that Bitcoin’s fear and greed index stands at 43 after rising a bit to 50 recently, Bitcoin could paint more bearish scenarios until it enters an oversold condition. For now, the supply level is high.
BTC’s Key Levels To Watch

Source: Tradingview
The nearest supports to watch for the next drop are the $56,552 and $53,486 levels. A crack below the monthly $49,000 support could dip the price into the $45,000 – $44,000 zone.
While the $59,704 and $62,745 levels are currently held as resistance, $66,650 would be the next resistance level to watch if the price breaks up.
Key Resistance Levels: $59,704, $62,745, $66,650
Key Support Levels: $56,552, $53,486, $49,000
- Spot Price: $58,719
- Trend: Bearish
- Volatility: Moderate
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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