Bitcoin’s price is dropping a lot as it gets close to the important $60,000 mark. Since the business as a whole has changed and there has been more pressure to sell, the market mood has become worse.
Since this change, Bitcoin’s price hasn’t been able to stay high, which scared buyers and sellers. A lot of people are paying close attention to the $60,000 mark to see if the cryptocurrency can find support or if it will keep going down.
Bitcoin’s market value is over $1.2 trillion, and more than $17 billion worth of Bitcoin has been traded as of this writing. Bitcoin’s value has dropped by 3.11 percent and is now worth about $62,334. The market capitalization has gone down by 3.09%, but trade volume has gone up by 96.46% in the last day.
Bitcoin Price Rapidly Falling
On the 4-hour chart, Bitcoin’s price is rapidly falling, having dropped below the support level of $64,515 and moving toward the support level of $60,158. This trend is supported by the 4-hour Relative Strength Index (RSI), where the signal line dropped rapidly below 50% and into the oversold zone, pointing to a possible further drop in price.
You can see that Bitcoin is falling on the 1-day chart as well. It is selling below the 100-day Simple Moving Average (SMA) and moving quickly down toward the $60,158 support level. The 1-day RSI backs this up even more; its warning line is below 50% and moving close to the oversold area, which means there is a higher chance that the price will keep going down.
BTC is getting close to the support level of $60,158. Two things could happen. The price could bounce back and move up toward the $64,515 support level if this level is broken. If this support is broken, the price might go up even more, maybe to $71,909 or even higher.
But BTC is likely to keep going down. If it goes below the $60,158 support level, it could test the $56,524 level of support. If this level also fails, BTC could fall even more, maybe all the way down to $50,604 where it is supported.
The numbers are getting a lot of attention from traders and buyers who want to know what Bitcoin will do next in this downward trend.
