Bitcoin falls below the $60,000 threshold! Analysis of June 25, 2024

Following significant bearish pressure, Bitcoin plunged below $60,000. Let's analyze together the future prospects of the BTC price.

Bitcoin (BTC) price situation

After rejecting $72,000, Bitcoin suffered selling pressure which gradually drove its price towards $64,000. It is below this level that the price of the cryptocurrency slid quickly towards the $60,000 support, highlighted in the analysis of June 18. Bitcoin's fall seems to have ended since reaching $58,500, a price level where buying interest was evident pushing the price of BTC above $60,000. Thus, this phenomenon could give hope of remaining at this last level in order to continue its rise.

At the time of writing, Bitcoin is trading around $60,900. The price of Bitcoin now forms a double top, which is a so-called bullish reversal pattern. Now, the queen of cryptocurrencies is below its 50-day moving average. This phenomenon calls into question the medium-long term structure of BTC. However, we can take comfort from the fact that Bitcoin still seems above the 200-day moving average. Concerning the dynamics of the Bitcoin price, it seems obvious that it continues to weaken, as demonstrated by its price itself as well as the oscillators. We can even see a bearish divergence on the latter. Thus, all of these elements do not prove reassuring about the future of cryptocurrency.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Hypotheses for the price of Bitcoin (BTC)

• As long as the price of Bitcoin manages to remain above $58,500, we can anticipate a return of BTC above $63,000. The next resistance to consider, if the upward movement continues, would be the $65,000 area. Higher up, we can highlight $67,000. At this point, that would represent an increase of around 10%.

• If the price of Bitcoin does not remain above $58,500, we could envisage support for buying interest between $57,000 and $55,500. The next level to take into account, if the bearish movement continues, would be around $54,500. Further down, we can highlight $52,000. At this point, that would represent a drop close to 14%.

Conclusion

Bitcoin faced selling pressure causing its price to fall below the $60,000 threshold. While all the lights are red, it appears that the cryptocurrency has benefited from buyer support which has allowed it to regain this last level, offering hope for a recovery from buyers. Thus, Bitcoin now finds itself in a moment of uncertainty, which is why it will be crucial to carefully observe the price reaction at different key levels to confirm or refute the current hypotheses. It is also important to remain vigilant against potential “fake outs” and “market squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.