Bitcoin breaks through key support, 60,000 mark in jeopardy
Bitcoin broke through the lower track of the convergent triangle in the early hours of last Saturday, and the trend turned bearish. The market trading center of gravity moved down, and the price approached the secondary support levels of 60,775 and 60,660.
Previously, technical buying at the 60,000 mark rescued the market many times, but as the number of attempts increased, the buying power gradually consumed. The question now is, who will become the new pull force? The market needs to clean up some participants and go further with a light load.
Therefore, the probability of Bitcoin effectively falling below 60,000 in the short term increases. The callback may end with a fall below 60,000, and then the market will slowly recover until it breaks through 73,777 to set a new high. Before effectively falling below 60,000, the market will trade in the range of 66,867 to 60,660, with clear support and resistance.
