Bitcoin tests support - more sideways movement on the way?
Bitcoin fell dramatically below the key support level of $60,000 and lost around 10% compared to a week ago. However, the drop has not gone significantly below this point. On Wednesday morning, we saw Bitcoin touch $58,900 before rebounding quickly above $60,000. This was the second time that this key level has been touched.
Support appears to be holding strong and we currently see some sideways movement with the price struggling to make any meaningful upward momentum above $60,200. Today’s mini rally seems unlikely to push past this level as downward price momentum remains significant.
In the short term, we could expect $59,000 to remain as support and upside movement may be limited below $62,000. In the meantime, Bitcoin could continue to trade in a range between these two levels. We have seen a bounce two times so far from this lower bound range, but a third touch could lead to a deeper fall. Traders will be keeping an eye on both of these levels to see if price breaks out and finds a direction.
Support appears to be holding strong and we currently see some sideways movement with the price struggling to make any meaningful upward momentum above $60,200. Today’s mini rally seems unlikely to push past this level as downward price momentum remains significant.
In the short term, we could expect $59,000 to remain as support and upside movement may be limited below $62,000. In the meantime, Bitcoin could continue to trade in a range between these two levels. We have seen a bounce two times so far from this lower bound range, but a third touch could lead to a deeper fall. Traders will be keeping an eye on both of these levels to see if price breaks out and finds a direction.
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