Analysts Eye $61,000 To $59,000 Amid Bearish Signals

Bitcoin (BTC) has recently shown indicators of a potential decline in value, with analysts warning that the cryptocurrency could fall to the $59,000 level. . This prudent advice comes amid continued volatility in the cryptocurrency market, with investors closely tracking Bitcoin’s movements.

As of this writing, Bitcoin’s current price is $63,448, with a 24-hour trading volume of $164.53 billion and a market capitalization of $1.25 trillion. Compared to the previous day, BTC price fell by 4.10%.

Source: CoinMarketcap

Bitcoin bearish outlook: $61,000 to $59,000 target

Cryptocurrency analysts Ali Martinez and Recto Capital recently dug into the complex web of Bitcoin’s price movements, highlighting crucial signals that could shape its trajectory. Especially Martinez. underlined Two important sell indicators that can be recognized on Bitcoin’s 12-hour chart.

First, Martinez warned that a foreboding death cross pattern is emerging between the 50 and 100 simple moving averages (SMAs). This ominous crossover traditionally heralds a bearish shift in market sentiment and signals that storm clouds are gathering on the horizon.

Next, Martinez pointed out that thanks to the TD Sequential indicator, a prominent red 9 candlestick appeared. Such a sight usually indicates potential fatigue in an uptrend, similar to a weary traveler holding his breath before embarking on an arduous journey.

Considering the key indicators, Martinez issued a cautious recommendation that investors should prepare for potential downside fluctuations if Bitcoin price falls below the key support level of $63,300. . In such a scenario, the expected price target could range from $61,000 to $59,000, indicating a potentially vulnerable zone within the volatile crypto trading market.

Recto Capital echoed Similar concerns point out that BTC has struggled to break above the $65,600 resistance level and has failed to establish it as a solid support zone. Additionally, Rekt Capital has observed a recurring pattern in which the price of Bitcoin consistently faces rejection around $60,600 for several weeks, indicating that there is a liquidity pool in this area.

Considering this, they proposed that BTC could return to liquidity territory again if this downward trend continues. Such analysis highlights the need to monitor key support and resistance zones as they can provide insight into where Bitcoin’s price is heading in the short term.

Related Books | Shiba Inu’s foreign exchange reserves hit a two-year low, what’s next?

Related Article


Leave a Comment