Bitcoin on its way to $60,000?  Analysis of June 18, 2024

After failing to reach its last peak, Bitcoin is showing increased selling pressure. Let's analyze together the future prospects of the BTC price.

Bitcoin (BTC) price situation

After rejecting $72,000, Bitcoin suffered selling pressure which took its price below the first support notified in the June 11 analysis, around $67,000 – $66,000. Thus, the short range period at this price level appears to have ended. Now, a selling structure is apparent in the short term and opens the way for a continuation of the bearish movement towards $60,000. However, before reaching this last price level, we can note a zone of values ​​that can act as support, around $63,000.

At the time of writing, the price of Bitcoin is trading around $65,600. We can see that the cryptocurrency has recently seen buying interest around $65,000, making it an area of ​​interest to watch. It can also be noted that this price zone is at the same level as the 50-day moving average. Thus, it would be more reassuring to stay above this price level so as not to call into question the medium-long term structure of BTC. Concerning the dynamics of the Bitcoin price, it seems to continue to weaken as demonstrated by its price itself as well as the oscillators. So, this does not support the buying side.

BTCUSD Daily ChartBTCUSD Daily Chart
BTCUSD Daily Chart

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 $65,000, we can anticipate the reintegration of $67,000 to then reach $72,000. The next resistance to consider, if the bullish movement continues, would be Bitcoin's ATH below $74,000. Higher up, we can highlight the first level of the Fibonacci extensions identified at $78,300. At this stage, this would represent an increase equivalent to 19%.
  • If the price of Bitcoin does not remain above $65,000, we could consider support for buying interest at $63,000. The next level to take into account, if the bearish movement continues, would be around $60,000. At this stage, this would represent a drop close to – 9%.


Bitcoin recently came under selling pressure leading to a breakdown of key support and signaling a possible continuation of the bearish movement in the short term. However, an area of ​​support has emerged, providing a glimmer of hope for buyers. Current momentum remains weak, and without a hold above $60,000, the medium and long term structure could be called into question. Thus, 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.

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