Bitcoin Loses Critical Support And Falls Back To $58,555

Jul 04, 2024 at 09:58 // Price
Coin Idol

Cryptocurrency analysts of report, Bitcoin (BTC) price is moving in a range after the price drop on June 24.

Bitcoin price long-term forecast: bearish

The largest cryptocurrency plummeted to a low of $58,555 and recovered again. On June 25, there was a consolidation above the psychological price level of $60,000, signaling the end of the decline. The cryptocurrency rallied above the current support and reached a high of $63,911. The upside momentum was halted by the 21-day SMA or the $64,000 resistance level. After rejecting the moving average lines, the largest cryptocurrency dropped to its current support level of $60,000. Should the bears break the current support of $60,000, Bitcoin would fall to a low of $58,555. The bearish momentum will continue to the low of $56,711. However, if the current support of $60,000 holds, the largest cryptocurrency will continue to move in a range below the moving averages.

Bitcoin indicator reading

The 21-day SMA serves as a resistance line for the price bars. On July 1, a long candlestick wick broke through the resistance line of the 21-day SMA. The long candlestick wick indicates significant selling pressure at the 21-day SMA level. On the daily chart, the 21-day SMA has crossed below the 50-day SMA, which is a bearish signal.

BTCUSD (Daily Chart) -July 3.24.png

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is trading in a range above the psychological price of $60,000. Bitcoin is trading between $58,600 and $64,000. The cryptocurrency crashed and tested the current support level of $60,000 three times before consolidating above it. Bitcoin will perform once the existing support and resistance levels are broken.

BTCUSD_(4-hour Chart) –July 3.24.png

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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