Key Takeaways:
- Bitcoin price is showing bearish signs below the $60,000 support zone.
- BTC/USD is signaling a breakdown below a crucial parabolic curve with support at $60,000 on the weekly chart.
- The price could only avoid a bearish break if it recovers and closes above $60,000 before the end of the week.
NEW DELHI (CoinChapter.com) — Bitcoin’s price is gaining bearish momentum below $60,000. If the weekly close is below $60,000, BTC/USD could dive further toward $44,500.
Bitcoin Price Signals Breakdown
In the past few analyses, I discussed the importance of a weekly close below the $60,000 support zone. Bitcoin price struggled to start a fresh increase above the $65,000 resistance zone. It started a fresh decline below the $63,500 and $62,200 support levels.
There was a break below the 23.6% Fib retracement level of the upward move from the $15,588 swing low to the $73,666 high. More importantly, BTC is signaling a breakdown below a crucial parabolic curve with support at $60,000 on the weekly chart.
The current price action indicates that Bitcoin price might continue to decline if there is a weekly close below the parabolic curve. A weekly close below $60,000 could send the price toward the $52,000 support zone.
The first major support is near the $44,500 level or the 50% Fib retracement level of the upward move from the $15,588 swing low to the $73,666 high.
The next major support is the 50-week simple moving average (blue) at $40,000. The bulls might take a strong stand near this zone and protect more losses in BTC in the medium term.
Can BTC Avoid Downside Break?
Conversely, Bitcoin price might magically avoid a weekly close below $60,000 and recover all losses in the next few sessions. On the upside, the price is facing resistance near the $59,500 level.
The first major resistance is near the $60,000 level. A close above this level could initiate a steady increase. In this case, the bulls could aim for a move toward the $63,500 resistance. The main breakout zone now sits at $65,000, above which the price could accelerate toward $70,000.
Overall, Bitcoin is showing many bearish signs below the $60,000 and $59,500 levels. It seems like the bears are aiming for a larger correction toward $52,000 or $44,500.
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