Bitcoin Price Dips Below $61,000, Approaching $60,000 Rapidly
The value of bitcoin has dipped to a fresh low, slipping below the $61,000 mark. This downward trend has also caused it to move away from the closely aligned 100-day and 200-day moving averages, standing at $63,478 and $63,712 respectively. Currently, the price is hovering around $60,100, slightly above the natural support level at $60,000.
From a technical standpoint, buyers had been optimistic following the breach of both daily moving averages in the previous week and the beginning of this week. However, the failure to sustain the upward momentum and the subsequent inability to break higher have transformed these buyers into sellers.
Apart from the natural support at $60,000, a breach below this threshold would prompt traders to set their sights on the 38.2% retracement level from the low recorded in September 2023 to the peak price achieved in March 2024. This retracement level is positioned at $55,124, serving as a critical long-term target if the downward momentum persists.
