Is Bitcoin Downfall The Last Buying Opportunity Under $60K in 2024?

With a bearish breakdown of an inverted head and shoulder pattern, the BTC price is headed to the $50K psychological mark.

The BTC price is trading below the crucial $56,000 level, indicating a bearish engulfing candle on a lower timeframe. Thisịp is also highlighted by a downtick in the 50D EMA (Exponential Moving Average), which could lead to a deathcross if the selloff continues. However, on the 4H BTC Price chart, the dip formations show a bullish RSI (Relative Strength Index) divergence, suggesting a potential bounce back on a smaller timeframe.

As the BTC price continues to drop from the $67,000 levels, the sell-off rally is gaining momentum with an intraday dip of over 1%. Dropping below the 50% Fibonacci level at the $56,310 mark, the BTC price trades at $55,232, registering a low at $54,296.

The lower price rejection from the $54,000 levels is also depicted by two long-tail candles on the daily chart. This price action indicates a strong demand at lower levels, especially as the BTC price attempts to sustain itself above the $54,000 support.

Meanwhile, the broader market sentiment also seems fearful as institutional players are adding to the FUD (Fear, Uncertainty, Doubt) rally in the crypto market. However, some hope of a bullish reversal chances are starting to light up with the lower price rejections and demand below the $56,000 level.

Moreover, you can also check out our Bitcoin price prediction to determine the chances of BTC hitting the $100,000 milestone this year.

Is Bitcoin Downfall The Last Buying Opportunity Under $60K in 2024?

After a bearish breakdown of an inverted head and shoulder pattern from the all-time high, the BTC price is headed to the $50,000 psychological mark. As the downtrend continues, Bitcoin registers a drop of 11.85% in the last eight days.

Dropping below the 50% Fibonacci level with a bearish engulfing candle on a lower timeframe, the BTC price also attempts to sustain itself above the crucial support at the $52,000 level. Thisịp is also highlighted by a downtick in the 50D EMA (Exponential Moving Average), which could lead to a deathcross if the selloff continues. However, on the 4H BTC Price chart, the dip formations show a bullish RSI (Relative Strength Index) divergence, suggesting a potential bounce back on a smaller timeframe.

With a bearish breakdown of an inverted head and shoulder pattern from the all-time high, the BTC price is headed to the $50,000 psychological mark. As the downtrend continues, Bitcoin registers a drop of 11.85% in the last eight days.

Dropping below the 50% Fibonacci level with a bearish engulfing candle on a lower timeframe, the BTC price also attempts to sustain itself above the crucial support at the $52,000 level. Thisịp is also highlighted by a downtick in the 50D EMA (Exponential Moving Average), which could lead to a deathcross if the selloff continues. However, on the 4H BTC Price chart, the dip formations show a bullish RSI (Relative Strength Index) divergence, suggesting a potential bounce back on a smaller timeframe.

Following an intense bearish week, the BTC price struggles to sustain dominance at critical support levels. Dropping under the $56,000 level on Monday, the sell-off rally is gaining momentum. With institutions adding to the retail FUD rally, the broader market sentiment is fearful. However, some hope of a bullish reversal chances are starting to light up with the lower price rejections and demand below the $56,000 level.

You can also check out our Bitcoin price prediction to determine the chances of BTC hitting the $100,000 milestone this year.

Is Bitcoin Downfall The Last Buying Opportunity Under $60K in 2024?

With a bearish breakdown of an inverted head and shoulder pattern, the BTC price is headed to the $50,000 psychological mark. As the downtrend continues, Bitcoin registers a drop of 11.85% in the last eight days.

Dropping below the 50% Fibonacci level with a bearish engulfing candle this Sunday, the BTC price trades at $55,232 with an intraday drop of 1.07% while registering a low at $54,296.

The lower price rejection from the $54,000 levels reveals two long-tail candles in the daily chart. Further, the ongoing brawl at lower levels teases significant demand, hoping to absorb the incoming supply pressure.

In the 4H BTC Price chart, the dip formations reveal a bullish

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