Bitcoin Price Technicals Flag Bearish, Will BTC Lose $60K?

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The Bitcoin price has shown a range-bound movement over the past 48 hours, reflecting indecision in the market. Closing prices have oscillated between $60,123.73 and $60,820.0. This indicates a struggle between bulls and bears around the key psychological level of $60,000. The 9 and 20 Exponential Moving Averages (EMA) have converged around $60,931.13 and $61,231.60 respectively, suggesting a lack of strong trend momentum in either direction.

Bitcoin Price Technical Overview

The Moving Average Convergence Divergence (MACD) indicator, which measures momentum, shows a negative histogram with the MACD line consistently below the signal line. This indicates a bearish momentum in the short term, although the histogram has recently shown signs of stabilizing, suggesting a potential slowdown in bearish pressure.

Also read: Jupiter Crypto Price: Can It Break Through These Barriers?

Relative Strength Index (RSI) at approximately 43.26 indicates that Bitcoin is neither oversold nor overbought at the moment, reinforcing the consolidation phase observed in recent sessions.

Bitcoin faces immediate resistance at $61,174.18, followed by stronger resistance levels at $61,828.17 and $61,975.46. On the downside, support is seen near $60,794.01, with further support levels at $60,684.01 and $60,304.95. The narrow trading range suggests that a breakout above resistance or below support could signal the next directional move.

Given the current technical setup, indicators are leaning slightly bearish. The MACD histogram’s stabilization and RSI near neutrality suggest a cautious outlook, with potential for further downside if support levels are breached.

Also read: Is BOME Set for a Bullish Breakout? Key Indicators to Watch

Potential Trade Approaches

Traders can consider entering long positions if Bitcoin breaks above $61,174.18 with confirmation. The resistance levels at $61,828.17 and $61,975.46 can then be targeted. Place a stop-loss below the nearest support level to manage risk.

For short positions, traders might want to wait for a breakdown below $60,794.01 with confirmation, aiming for support levels at $60,684.01 and $60,304.95. A stop-loss above the nearest resistance level can then be used to mitigate potential losses.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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