Bitcoin Lost Crucial Support — 60k Is Bull's Last Defense Line!
After devastating signals from the U.S., a looming recession, and a crashing stock market, the crypto market tanked massively. It all came at a time when Bitcoin & Co. had already signaled strong bearish tendencies.
Therefore, it was surprising that Bitcoin lost its crucial support level at 63k. Accordingly, the chances of revisiting 52k have grown too.
Currently, the price has bounced at the psychologically relevant level of 60k. This, together with the EMA200 (slightly below), might be the bull's last defense line. However, since Bitcoin has lost more than 15% in the last few days, we can expect some recovery during the weekend.
However, as mentioned yesterday, August (which has been a red month historically) will give us a choppy ride—and from today's point of view, it'll be a downhill ride.
👉 Check out my long-term thoughts about Bitcoin: Read here
👉 What about the altseason? Check this article
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