CandleFocus Bitcoin Price Falls To $60K: Is A Rebound Possible?
2024-10-02
Author: Content Editor
The article discusses Bitcoin's recent decline in price and its movement into a short-term bearish zone. Bitcoin broke several support levels and dipped below $61,500. It is currently consolidating its losses and trading near the 23.6% Fib retracement level. The price is below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. A clear move above the $62,800 resistance could send the price higher towards $63,200. However, if Bitcoin fails to rise above the $62,800 resistance, it could continue to move down. The immediate support levels are $61,000 and $60,500, followed by $60,000. The article also mentions that the MACD is losing pace in the bearish zone, and the RSI is now below the 50 level.
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