Bitcoin Price Hovering Below $60k! Is More Downtrend on Cards?

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The total market capitalization of cryptocurrency has dropped to $2.72 billion, down from above $3 trillion last week. While BTC and ETH prices have plummeted, altcoins have suffered far worse losses. Almost all of them have experienced double-digit drops. After a market-wide meltdown, the value of Bitcoin fell below $60,000, affecting Ethereum, Binance Coin, and Solana, which all saw a five to ten percent decline on Tuesday. 

On Tuesday, Bitcoin Price continued to struggle to cling onto the crucial $60,000 mark. Bitcoin values fell more than 15% from their all-time highs in early US trade on Tuesday, with BTC/USD plunging into first support.

Bitcoin recently reached a fresh all-time high of $69,000. However, while the market rose last week, on-chain indicators remained unchanged. Following the ATHs, Bitcoin has plunged more than 11% to as low as $58,650 today. Ether fell even harder, as he always did. The price of ETH has dropped by 14% to roughly $4,100. 

The National Development and Reform Commission (NDRC), China’s state planner, stated on Tuesday that it will continue to tighten down on cryptocurrency mining, which was one of the reasons for the pullback.

Also Read : Massive Dip Incoming For Bitcoin Price, May Decline More Than 20%!

Bitcoin Price Levels

At the time of writing, BTC is trading at $59,335 and is trading in the red. The $60,450 level is the first big obstacle. It’s around the 23.6 percent Fib retracement level of the significant slide from the swing high of $66,350 to the low of $58,630. 

On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $61,000. A decisive break above the $61,000 resistance level might signal the start of a steady rebound. The next significant resistance level is at $62,500. 

Bitcoin’s drop could be extended if it fails to recover above the $61,000 barrier zone. On the downside, the $58,800 level provides immediate support.

Near the $58,650 mark, the first substantial support is forming. The next key support level is near $58,000, below which the bears may attempt a retest of the $55,000 support zone in the short term.