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Home»EXCHANGE NEWS»Bitcoin Price Plunges, Can Bulls Spare Key Support at $60,000?
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Bitcoin Price Plunges, Can Bulls Spare Key Support at $60,000?

By Crypto FlexsMay 1, 20243 Mins Read
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Bitcoin Price Plunges, Can Bulls Spare Key Support at ,000?
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Bitcoin price took a hit and even surged below $60,000. A daily close below the $60,000 support zone could give BTC some bearish momentum.

  • Bitcoin began another downtrend and was trading below the $61,200 range.
  • The price is trading below $62,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bearish trendline forming at resistance $60,400.
  • The pair could fall further if it fails to recover above $60,400 and above $62,000 this week.

Bitcoin price has reached support level

Bitcoin price began another decline below the $62,500 support level. As the bears took control, BTC fell below the $61,200 level. They even managed to get the price down to under $60,000.

The low was formed at $59,110 and the price is currently consolidating losses. There was a slight increase above the $60,000 level and the 23.6% Fib retracement level following the recent decline from the $64,738 swing high to the $59,110 low.

Bitcoin is currently trading below $61,500 and the 100-hour simple moving average. Immediate resistance is near the $60,400 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $60,400.

The first major resistance could be $61,200. The next major resistance could be $62,000 or the 50% Fib retracement level of the recent decline from the $64,738 swing high to the $59,110 low.

Source: TradingView.com BTCUSD

A clear break above the $62,000 resistance could push the price higher. The next resistance is now at $62,500. If there is a clear move above the $62,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $64,000.

Are there more downsides to BTC?

If Bitcoin fails to rise above the $60,400 resistance zone, it may continue to fall. Immediate support for the downside is near the $59,500 level.

The first major support is at $59,100. If the closing price falls below $59,100, the price could start to fall towards $58,000. More losses could lead the price towards the $56,400 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $59,500, then $59,100.

Key resistance levels – $60,400, $61,200 and $62,000.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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