Key Highlights
- Bitcoin price crashed below the $60,000 and $58,500 support levels.
- BTC is trading below a key bearish trend line with resistance at $60,500 on the 4-hour chart.
- Ethereum tested the $2,850 support before there was an upside correction.
- Gold prices started a downside correction from the $2,392 level.
Bitcoin Price Technical Analysis
Bitcoin price failed to clear the $63,500 resistance zone and started a fresh decline. BTC/USD traded below many supports such as $60,000 and $58,500.
Looking at the 4-hour chart, the price settled well below the $60,000 zone, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). The bears even dragged the price below the $56,500 support zone.
Finally, the price found support near the $53,500 level and is currently attempting to recover. The price climbed above the 38.2% Fib retracement level of the downward move from the $63,825 swing high to the $53,515 low.
On the upside, the price could face resistance near the $58,650 level and the 50% Fib retracement level of the downward move from the $63,825 swing high to the $53,515 low.
The first key resistance is near the $60,000 zone. There is also a major bearish trend line forming with resistance at $60,500 and the 100 simple moving average (red, 4 hours) on the 4-hour chart. A successful close above $60,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $63,500 level.
Conversely, Bitcoin might extend losses. Immediate support is near the $56,000 level. The main support sits at $53,500. Any more losses might send the price toward the $50,000 support zone.
Today’s Economic Releases
- Federal Reserve Chair Jerome Powell testifies before Congress.
- US Monthly Budget Statement for Jun 2024.
