Bitcoin Risks Falling Below $60,000 if It Fails to Reclaim $65,000-$66,500
Summary
- A Shayan Markets analyst said Bitcoin (BTC) is defending support at $60,000, but the strength of the rebound remains limited.
- He said that if Bitcoin fails to break above the $65,000-$66,500 resistance zone in the near term, it could retest the $60,000 support level or fall further below it.
- He said moves could diverge from technical analysis depending on the rising wedge pattern, ETF fund flows, the macroeconomic environment, and changes in institutional demand.
Bitcoin is holding near the psychologically important $60,000 level, but downside pressure could intensify if it fails to reclaim a key resistance zone, market analysis showed.
CryptoPotato reported on June 11 that a Shayan Markets analyst said Bitcoin has held support near $60,000 on the daily chart, staving off a deeper breakdown. Even so, the rebound remains weak.
The market still lacks enough bullish momentum to sustain an uptrend.
Until Bitcoin recovers the previously broken support levels at $65,000 and $74,000, any rebound is likely to be a temporary bounce within a broader downtrend.
In the near term, if Bitcoin fails to break through resistance at $65,000 to $66,500, it could retest support at $60,000 or fall further below that level.
The four-hour chart is also signaling that the bearish trend remains intact.
After plunging from around $73,000, Bitcoin attempted a rebound in the $59,000 to $62,000 demand zone. In the process, it formed a rising wedge pattern.
A rising wedge is typically interpreted as a bearish continuation pattern when it appears after a downtrend, signaling the potential for further losses.
Still, the market could move differently from technical signals depending on ETF flows, the macroeconomic environment and shifts in institutional demand.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
