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Bitcoin is experiencing volatility due to a mix of market and macroeconomic factors. The coin fell below $60,000, down from over $70,000, triggered by massive liquidations of leveraged long positions and concerns about Bitcoin whales potentially selling their holdings.
However, after weeks of trying to reclaim the $60k levels, BTC was finally successful and is now trading close to the $61k levels. Recently, Bitcoin has shown bearish divergence, leading to a short-term pullback. This pattern is expected to continue for a day or two but typically doesn’t last beyond that. The broader trend remains bearish, but short-term relief or bullish moves could occur if Bitcoin breaks above critical resistance levels.
Analyst Josh of Crypto World said that Bitcoin is approaching a critical resistance zone, with the price struggling around $60,000 to $61,000. Additional resistance levels are identified at approximately $61.8K and $62.9K. These levels are crucial as they could determine Bitcoin’s short-term price movement. He said that over the next few hours to a day, Bitcoin may continue to experience some bearish divergence but could move towards major liquidity levels around $61.8K to $62K.
Support And Resistance Levels: The chart shows that Bitcoin is still within a bearish trend. The price is forming lower highs and lower lows, indicating a continuation of the downward movement unless a significant breakout occurs.
If Bitcoin faces rejection, major support levels are expected around $56K to $57K, with additional support at $54K and between $51K to $53K. Bitcoin is currently facing resistance, which might lead to a short-term struggle. A breakout above $63K could see further resistance around $64.5K, with major resistance between $67K to $68.3K. There might be a brief continuation of bearish divergence, but a move towards $61.8K to $62K is possible in the next couple of days.
