Bitcoin Plunges to $59K – Can Sellers Achieve a Retest of $55K?
The price of Bitcoin has fallen again, from far above the $65,000 mark. Bitcoin fell below the critical $65,000 support level, entering a bearish zone. The price declined sharply below the $62,000 support level and the 100 hourly simple moving average before finally dropping below the $60,000 support level. The price hit bottom near $58,630, and it is now consolidating losses.
Bitcoin Live Rate
There is an immediate resistance level at the $60,000 mark. The first significant resistance is located near the $60,450 level, close to the 23.6 percent Fib retracement mark of the crucial slide from the upswing to $66,350, to the low of $58,630.
On the BTC/USD hourly timeframe, a key negative trend line is forming, with resistance near $61,000. A decisive break above the $61,000 resistance level might pave the way for a steady comeback. The next major resistance remains near the $62,500 level.
The 50% Fibonacci retracement mark or the significant slide from the $66,350 upswing, to the $58,630 low, is also close to the $62,500 level, where it is acting as a key hurdle. A break above the $62,500 barrier might spark a new rise.
More Bitcoin losses?
If Bitcoin struggles to rebound above the $61,000 barrier, it might continue to fall. On the lower side, there is immediate support near the $58,800 mark.
The first substantial support is forming close to $58,650, and the next key support level is near $58,000, below which the bears may seek to retest the $55,000 support zone in the short term.
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