Bitcoin is retesting key levels this week after dropping below $60,000 for the first time since May 3. It was trading above $61,000 as of Tuesday afternoon, about 17% below its March high of $73,797.68, according to Coin Metrics. However, chart analysts say they see no buying signals and that Bitcoin could fall further, with more “damage” at current levels. “We believe the consolidation since March is continuing and trading is under pressure below the $66,000 resistance,” Oppenheimer analyst Ari Wald said of Bitcoin’s 50-day moving average. “The 200-day average of $57,500 to the May low of $56,500 is key support, with any break below it being damaging.” Bitcoin has been trading in a tight range of roughly $60,000 to $70,000 since hitting an all-time high in mid-March. Currently, it is struggling with a lack of short-term catalysts, weak demand from Bitcoin exchange-traded funds, and miners selling off Bitcoin. BTC.CM= Bitcoin pile of 6 million this year If Bitcoin cannot sustain $57,000, $49,000 will be the next important downside level, Wald added. According to David Keller, chief market strategist at StockCharts.com, Bitcoin’s next downside level is similarly around $58,000, with a possible drop to $50,000-52,000. Keller noted that buyers often enter around $60,000. Furthermore, he said it is reasonable to expect Bitcoin prices to rise again, as cryptocurrencies often find support at large round numbers. Tom Fitzpatrick of RJ O’Brien pointed out that Bitcoin’s main support is at $56,527, and a possible double top neckline with two peaks on either side of a gradual decline in a bearish M-shaped chart. “Any break below that would signal at least another 22% decline and potentially as much as 29%,” he said in a note to investors. But Wald highlighted the strength of the current support level at $57,500 and the 200-day moving average. “The double top neckline is trending lower below the 200-day moving average.” [is] “It’s not done until we break above the neckline,” he said. “Until then, I’m always on the side of the trend, which means I assume the rising 200-day average holds. The bullish movement in the Nasdaq-100 Index suggests risk tolerance also remains positive.” Bitcoin has fallen nearly 10% this month. It briefly reached $71,000 in early June but has been steadily declining since then.
What’s next for Bitcoin after it returned to $60,000 this week?
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