Summary
- Bitcoin (BTC) has slid sharply, drawing market attention to whether it can hold $60,000, a key support level.
- Analyst Rekt Capital said Bitcoin's worst-case scenario would be around $55,000 if the 200-week simple moving average (SMA) holds.
- Some technical analysis suggests that if the $60,000 support level breaks, Bitcoin could fall to $33,000 based on a cup-and-handle pattern.
Forecast Trend Report by Period
Bitcoin, the largest cryptocurrency, has come under pressure after a sharp recent selloff, with markets focused on whether it can hold the key $60,000 support level. Some analysts say the token could fall as low as $33,000 in a worst-case scenario.
As of 10:15 p.m. on June 5, Bitcoin was trading at $61,993, down 2.65% from a day earlier, according to CoinMarketCap. It fell as low as $61,200 earlier in the session before paring some of the losses.
The level drawing the most attention is the 200-week simple moving average, now near $61,800. The indicator has repeatedly served as a key support line marking bottoms in past Bitcoin bear markets.
Crypto analyst Rekt Capital said Bitcoin's worst-case scenario would be around $55,000 if the 200-week moving average holds. The same zone drew strong buying interest in 2019, 2020, 2022 and 2023.
Some technical analysis also points to the risk of a deeper drop if the $60,000 support level breaks decisively. Cointelegraph reported that a cup-and-handle pattern is now visible on Bitcoin's chart. If Bitcoin falls clearly below that area, the pattern's downside target could be around $33,000.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
