Bitcoin's Bearish Momentum Intensifies
The Is XRP still worth investing?cryptocurrency market witnessed Bitcoin struggling to maintain its footing above key resistance levels, with the $62,000 zone proving particularly challenging. Following multiple rejection attempts, BTC entered a fresh downward trajectory that now threatens to breach psychological support at $60,000.
Market observers note several concerning technical developments:
- The 100-hour moving average has flipped from support to resistance
- Bearish flag pattern breakdown confirmed on hourly charts
- Fibonacci retracement levels show weak recovery attempts
Critical Support Zones Under Pressure
Current price action reveals Bitcoin trading below $61,000 with diminishing bullish momentum. The immediate support cluster between $60,500-$60,250 represents the final defensive line before a potential plunge toward $58,500. Market participants are closely watching the $60,000 level, which could trigger accelerated selling if decisively broken.
On the resistance side, multiple hurdles exist between $61,200 and $62,500. The 100-hour SMA currently coincides with the $62,000 resistance, creating a formidable technical barrier. Only a sustained move above $63,500 would invalidate the current bearish structure.
Technical Indicators Flash Warning Signals
The hourly chart reveals several concerning technical developments:
- MACD histogram expanding in negative territory
- RSI consistently below 50, indicating bearish momentum
- Volume profile shows increasing selling pressure
These indicators collectively suggest that market participants should prepare for potential extended downside. The $56,650 level emerges as the next significant support zone should current levels fail to hold.
As always in volatile cryptocurrency markets, traders are advised to monitor these technical levels closely while maintaining appropriate risk management strategies. The coming sessions will prove crucial in determining whether Bitcoin can stabilize or continue its descent toward lower support zones.
