Bitcoin Selling Off: Will This Prevent BTC From Retesting $60,000?

Bitcoin is trending lower at press time, and bearish. Although traders are hopeful, the inability of bulls to flow back and plug the bleed is a concern. Technically, the path of least resistance remains southwards until there is rejection. If this holds, BTC will likely continue trickling lower as bears target $60,000. Overall, buyers of Q1 2024 are still in the picture, but only if they manage to breach $66,000 and comfortably float above $72,000.

At press time, Bitcoin is down roughly 15% from all-time highs. Prices are also moving within a tight range in the past 48 hours. As it is, BTC is down 3% on the last day but down 6% in the previous week of trading. Due to the inactivity, participation over the weekend is below average at just over $17 billion. Depending on the direction taken this week, the reaction at immediate resistance or support levels will be crucial in determining the short-term trend.

Bitcoin daily chart for June 24

Traders are closely monitoring the following Bitcoin news today:

  • Analysts are pinning the series of lower lows on Germany’s recent action. Some view the offloading as a net positive since they consider BTC to be a scarce commodity.
  • Even amid the current sell-off, some analysts still think a range of macro factors, such as a potential banking crisis and increasing adoption, make BTC a long-term buy. Nonetheless, how prices evolve in the coming days largely depends on monetary policy statements and other macro factors.

Bitcoin Price Analysis

BTC/USD is under pressure when writing.

As mentioned, the world’s most valuable coin is down 15% from all-time highs.

The 6% drop from last week means prices are still banding along the lower BB.

As it is, traders should look to offload on any attempt higher below $66,000.

The immediate support level and ideal bear target is $60,000. Further losses below this level could open Bitcoin to May 2024 lows.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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