Bitcoin Struggles Below $60K Indicating a Potential Drop

By: Isha Das

Recent analysis suggests crypto heavyweight Bitcoin is indicating a potential bearish continuation, struggling near the $62,000 resistance point and possibly eyeing a drop below the $60,000 level. The fluctuations in price are linked to miner's asset sell-offs and fears of tighter regulations.

If Bitcoin's momentum continues downwards, it may end up testing the support at $51,970, a level not seen since early this year. Immediate support is currently seen near the $61,200 level and if Bitcoin fails to climb above it, a continued decline can be anticipated. However, should Bitcoin manage to rise above $64,290, it could potentially climb to $76,610 based on MVRV (Market Value To Realized Value) model.

Technical indicators suggest that the MACD is gaining pace in the bearish zone, with the RSI for BTC/USD now being below 50. However, the termination of post-halving 'Danger Zone' on May 13, 2024 may represent a light at the end of the tunnel for Bitcoin.