$BTC / USD Outlook Bitcoin Testing Psychological 60K Support After 4% Drop on Monday
Bitcoin experienced a significant 4% decline early on Monday during US trading, marking its largest single-day loss since April 30.
This fresh downward momentum is challenging the psychological 60K support level, which is also close to the 76.4% Fibonacci retracement of the 56427 to 71929 rally.
Extended daily indicators suggest that bears might encounter increased resistance as they approach the 60K pivot. Any upward movements are expected to remain below the base of the thick daily cloud at 64214, maintaining bearish pressure and potentially offering better selling opportunities.
A sustained break below the 60K zone could pave the way for a test of the 200-day moving average (57331) and the crucial support level at 56427, which is the low from May 1.
Resistance Levels:* 62349; 63235; 64214; 64815
Support Levels:* 60085; 60000; 58608; 57331