Bitcoin is currently undergoing a notable decline, with its price steadily approaching the crucial $60,000 mark. Market sentiment has become increasingly pessimistic, driven by a combination of macroeconomic factors and a recent increase in selling pressure.
This change caused Bitcoin to struggle to maintain higher levels, sparking anxiety among investors and traders. As the bears take control, the $60,000 limit becomes a focal pointwith many watching closely to see if the crypto asset can find support or continue its downward trend.
With the help of technical indicators, this analysis focuses on analyzing the current price action of Bitcoin and its impact on the future of the asset, focusing on the 4-hour and 1-day time frame.
At the time of writing, Bitcoin’s market capitalization is over $1.2 trillion, with a trading volume of over $17 billion. The cryptocurrency’s price is now down 3.11%, trading at around US$62,334. Despite a 3.09% decrease in market capitalization, there was a 96.46% increase in trading volume over the last day.
Current Market Overview for Bitcoin
Currently, as can be seen from the 4-hour chart, Bitcoin price is actively bearish and has fallen massively below the $64,515 support level. It can also be noted here that the price is falling towards the $60,158 support level.
![Bitcoin Bears Target $60,000 Level as Price Continues Falling 1 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-9.53.55-AM-1.jpeg)
Also confirming the above statement is the 4-hour Relative Strength Index (RSI), as the indicator’s signal line has drastically dropped below 50% and is currently trending in the oversold section. This indicates that there is a chance of further price decline.
Bitcoin Price on the 1-day chart is also actively bearish as it is currently trading below the 100-day simple moving average (SMA), falling towards the $60,158 support level with strong bearish momentum.
![Bitcoin Bears Target $60,000 Level as Price Continues Falling 2 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-24-at-9.53.55-AM.jpeg)
Lastly, with the formation of the 1-day RSI, it can be suggested that the BTC price poses a greater threat to the extent of its decline as the indicator’s signal line, which has fallen below 50%, is actively trending close to the oversold zone.
Key Support Levels: Why $60,158 Matters
BTC is currently falling towards the $60,158 support level. Two possible events can occur if the price reaches this level: either it suffers a rejection and starts to rise or it surpasses this level and continues to fall.
Therefore, if there is a rejection at the $60,158 support level, BTC could start rising towards the $64,515 resistance level. If this level is breached, the crypto asset could experience further price growth towards the $71,909 resistance level and possibly other levels above.
On the other hand, if BTC price falls below this support level, it will continue falling to test the $56,524 support level. If this level is broken, Bitcoin could decline further, testing the $50,604 support level and perhaps even lower levels.
Featured image from iStock, chart from Tradingview.com