Bitcoin Price Settles Below $60K, Is This A Critical Bearish Sign?

May 2, 2024 04:00 am Cryptocurrency 420

Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000 and remains at risk of more downsides in the near term.

Bitcoin extended losses and traded below the $60,000 zone.

The price is trading below $59,000 and the 100 hourly Simple moving average.

There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down since there is a daily close below the $60,000 zone.

Bitcoin Price Takes Hit

Bitcoin price remained in a bearish zone and traded below the $60,500 support level. BTC even settled below the $60,000 level to enter a short-term bearish zone.

There was a drop below the $58,000 level. A low was formed at $56,378 and the price is now consolidating losses. There was a minor increase toward the $58,000 level and the 23.6% Fib retracement level of ..

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