The post Bitcoin Price Analysis: Hidden Threat Signals Pullback. Will Bitcoin Drop Below $60,000 Again? appeared first on Coinpedia Fintech News.
There is a major hidden warning signal currently appearing on the Bitcoin charts, signaling potential challenges ahead. According to Crypto World analyst Josh, even though the price looks solid in the short term, there is a hidden bearish divergence that could signal a continuation of the larger bearish trend.
The big flashing signal on Bitcoin's daily chart is a "hidden bearish divergence." This occurs when Bitcoin price is making a lower high and the RSI (Relative Strength Index) is making a higher high. Typically, a bearish divergence indicates that the market may continue its downtrend. However, in this case, the signal has not yet been fully confirmed. Here is a detailed breakdown of his analysis:
Key resistance and support levels to watch
Bitcoin is currently facing resistance at around $64,500. If it breaks through this level in the coming days, the short-term bullish trend could continue. However, if the price struggles to break through, the bearish trend may continue.
On the downside, support lies around $63,000 and further below between $60,200 and $61,200 â these are key levels to watch out for a potential drop in price.
Another important factor currently affecting Bitcoin, Ethereum, and Solana is that they are all showing short-term overbought signals. When a market is overbought, it means there is limited room for price increases unless there is a reset. A short-term pullback or sideways move can help "reset" the RSI and create room for another upswing.
What's next for Bitcoin? It is currently in a short-term bullish trend, but that could change soon. If Bitcoin can break above the resistance at $64,500, it could have room to move up towards $79,000, a key resistance level based on past market trends. On the other hand, if it fails to break above the resistance, it could revert to a bearish trend. Over the next few days, it will be key to keep a close watch on the cryptocurrency for a breakout or confirmation of the continuation of the bearish trend.
