Bitcoin’s price has been trending lower since the beginning of June, failing to recover toward its all-time highs. Still, the bull market seems to be far from over.
On the daily timeframe, the price has declined since failing to hold above the $70K mark. The $65K support level has also been broken to the downside, and BTC is dropping toward $60K. If this level also fails to hold, the 50-day moving average, around the $58K mark, would be the last resort. The RSI also shows values below 50%, which suggests that the momentum is bearish again, and a drop toward the $60K level is highly probable.Looking at the 4-hour chart, the price has been forming a falling wedge pattern recently. If the market breaks the wedge to the upside, the cryptocurrency will likely begin a new bullish move.
However, with the $65K support level lost and the price currently testing the channel’s lower boundary, a bearish breakout might be on the cards. In this case, a drop toward the $60K zone would be imminent in the short term.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
Source: Digital Coin News (digitalcoinnews.net)
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