Bitcoin (BTC) Price Prediction: BTC Approaches Critical Resistance Zone, Struggles to Reclaim $60k Levels
- 王林Original
- 2024-08-23 18:13:171031browse
Bitcoin is experiencing volatility due to a mix of market and macroeconomic factors. The coin fell below $60,000, down from over $70,000
Bitcoin price analysis shows a struggle at key resistance levels. Currently, BTC is trading around the $61K levels after facing resistance at $60K. The world’s largest cryptocurrency by market cap has been attempting to reclaim higher support levels.
Bitcoin price analysis: Resistance levels, support levels
After a massive drop from over $70,000, Bitcoin price showed some recovery over the past week, attempting to break above the $60,000 levels. However, BTC faced resistance again and dropped to lows of $58,000.
After another attempt, Bitcoin price was able to break past the $60,000 levels. Now, BTC is facing another resistance level at $61,000. With some bearish divergence, Bitcoin price could see a short-term pullback.
However, the broader trend is still bearish, and Bitcoin price is expected to continue facing resistance at higher levels. If BTC manages to break above critical resistance, we could see some short-term bullish movements or relief.
Analyst Josh of Crypto World said that Bitcoin is approaching a critical resistance zone. The price is struggling around $60,000 to $61,000.
He adds that additional resistance levels are seen around $61.8K and $62.9K. These levels are important as they could determine Bitcoin’s short-term price movement.
Over the next few hours to a day, Bitcoin may continue to see some bearish divergence but could move towards major liquidity levels around $61.8K to $62K.
Bitcoin price support and resistance levels
The four-hour chart shows that Bitcoin is still in a bearish trend. The price is forming lower highs and lower lows on the chart, indicating a continuation of the downward movement.
If Bitcoin faces rejection, major support levels are seen around $56K to $57K. Additional support is present at $54K and between $51K to $53K.
On the other hand, Bitcoin is facing resistance, which could lead to a short-term struggle. A breakout above $63K could see further resistance around $64.5K, with major resistance between $67K to $68.3K.
There might be a brief continuation of bearish divergence, but a move towards $61.8K to $62K is possible in the next couple of days.
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