Bitcoin Price Indicates Bearish Trend, Explaining Why BTC May Fall Below $60K
- There is increasing bearish pressure on Bitcoin’s price.
- BTC is putting in lower highs and lower lows since it achieved an ATH in March.
- Breaking below the latest daily swing low could cause BTC to drop to $51K.
There is increasing bearish pressure on Bitcoin’s price as the flagship crypto repeatedly fails to break above resistance levels. In a gradual trend, BTC has continued to put in lower highs and lower lows since it achieved a new all-time high (ATH) in March 2024. While many analysts consider the pullback an accumulation, breaking below critical support could lower Bitcoin’s price.
Data from TradingView shows that Bitcoin met resistance around $65,500 after recovering from the $56,500 swing low. That level also represents the 0.5 Fibonacci retracement level, covering the drop from the ATH to the recently identified swing low.
BTCUSD Daily Chart on TradingView
The latest phase of the Bitcoin trend has introduced a new dynamic into the pioneer crypto’s price projections. Initially, the majority of analysts assumed the BTC retracement to be an accumulation that would soon meet substantial support and initiate a turnaround. However, the r…
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