🌟Bitcoin Price Analysis: Will BTC Fall Below $60K Support?
1⃣The current consolidation in Bitcoin price is reflected in the pennant pattern.
2⃣The $60K support level, along with multiple technical levels, forms a high demand zone.
3⃣Bitcoin intraday volume is $19.2 billion, down 26%.
For the past two months, Bitcoin price has been moving sideways, resonating between two converging trendlines on the daily chart. These trendlines act as shrinking resistance and support revealing the formation of the pennant pattern.
In theory, this technical pattern leads to a temporary consolidation before the asset continues its general uptrend. BTC price is currently trading at $63,420, with an expected intraday decline of 0.51%.
If supply pressure persists, BTC price could fall another 5.5% to touch the lower trendline of the pattern at $60,000.
For buyers to regain control of the asset, a breakout above the upper trendline is needed, which could lead BTC price to $86,400.
On the contrary, if after a few days of consolidation, the token price shows no signs of reversal on the lower trend line, then sellers may break the $60,000 support level and trigger a significant pullback.
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