Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K?

May 1, 2024 04:00 am Cryptocurrency 410

Bitcoin price took a hit and even spiked below $60,000. BTC could gain bearish momentum if there is a daily close below the $60,000 support zone.

Bitcoin started another decline and traded below the $61,200 zone.

The price is trading below $62,000 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance at $60,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate lower if it fails to recover above $60,400 and then $62,000 this week.

Bitcoin Price Reaches Support

Bitcoin price started another decline below the $62,500 support level. BTC dropped below the $61,200 level as the bears took control. They even managed to push the price below $60,000.

A low was formed at $59,110 and the price is now consolidating losses. There was a minor increase above the $60,000 level and the 23.6% Fib retracement level of the recent decline from the $64,738 swing ..

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