Bitcoin has been on a downward spiral, with its price approaching the critical $60,000 mark. Investors are getting anxious as the market turns bearish due to economic factors and increased selling.
Current Market Overview
- Bitcoin’s price is currently at $62,334, down 3.11%.
- Market capitalization is over $1.2 trillion.
- Trading volume has surged by 96.46% in the last day.
Technical Analysis
4-Hour Chart:
- Bitcoin is below the $64,515 support level and heading towards $60,158.
- The Relative Strength Index (RSI) is below 50%, indicating a potential further decline.
1-Day Chart:
- Bitcoin is below the 100-day Simple Moving Average (SMA) and moving towards $60,158.
- The RSI is also below 50% and trending towards the oversold zone, suggesting a potential extended decline.
Key Support Levels
$60,158 Support Level:
- If Bitcoin reaches this level, it could either bounce back or continue falling.
- A rejection at this level could lead to a rise towards $64,515.
- A breach could result in a further drop towards $56,524 and even lower levels.
