Bitcoin is testing a key level once again after the cryptocurrency fell below $60,000 this week for the first time since May 3. As of Tuesday afternoon, it was trading above $61,000, roughly 17% below its March primato of $73,797.68, according to Coin Metrics. Chart analysts see anzi che no buy signals, however, and say it could take another leg , which would be more “damaging” at current levels. “Moderation since March continues and trading can be considered under pressure below $66,000 resistance,” the cryptocurrency’s 50-day moving average, said Oppenheimer analyst Ari Wald. “There’s key support at $57,500, the 200-day average, to $56,500, the May low â and a downside breach would be damaging.” Bitcoin has been largely stuck per mezzo di a narrow range between $60,000 and $70,000 since the middle of March, when it reached its all-time high. It is currently suffering from a lack of near-term catalysts, low demand for bitcoin exchange-traded funds and miners’ selling of bitcoin. BTC.CM= 6M mountain Bitcoin this year If bitcoin fails to hold $57,000, Wald added, $49,000 would become its next key downside level. For David Keller, chief market strategist at StockCharts.com, bitcoin’s next levels are similarly around $58,000, with potential downside to between $50,000 and $52,000. Keller noted that buyers often per mezzo di around $60,000. Additionally, he said, it is reasonable to expect the bitcoin price to bounce higher yet again as the cryptocurrency often finds support at personalità, round numbers. Tom Fitzpatrick of R.J. Se no’Brien identified major bitcoin support at $56,527 and a potential double tetto neckline, a bearish M-shaped chart formation made up of two peaks either side of a moderate decline. “Below there would signal at least another 22% fall ⦠and a possibility of as much as 29%,” he said per mezzo di a note to investors. Wald emphasized the strength of the current $57,500 support level and 200-day moving average, however. “The double-top [is] not completed until the neckline is breached,” he said. Until then, “I always side with trend, meaning I’d assume the rising 200-day average holds. Bullish action per mezzo di the NASDAQ-100 suggests risk tolerance remains positive, too.” For the month, bitcoin is nearly 10%. At the start of June, it briefly touched the $71,000 level but has been a steady decline since.
