In just one day, the situation changed. If yesterday we were discussing whether the price of Bitcoin can rise to the area of $65000, today we are thinking about whether the price of Bitcoin can return above $60000.
Today, within 5 hours, the price of Bitcoin dropped from 61130 dollars to 58900. At the time of publication, the price continues to decline.
However, analysts see nothing wrong with the current correction. They argue that the bullish trend will continue even if the Bitcoin price drops to $50000.
Investors expect the price of Bitcoin to rise to the area of $70000, and therefore they are trying in every possible way to lower the price of the asset to buy it before the next price jump. Holders are currently using pullbacks to accumulate more BTC amid speculation of yet another colossal rise.
On the hourly chart, the BTC/USD pair dropped well below the 100-hour moving average. And as the RSI shows, the price entered the oversold zone. The BTC/USD pair has immediate support of around 58000. If the price drops below this level, we will see a movement to the area of 57250. However, 58000 seems to provide good support and we will see another bullish rally in Bitcoin price soon.
In this situation, the BTC/USD pair will find immediate resistance around $60000. To continue to grow, the BTC/USD pair will need to pass the resistance area of 60800-61000 dollars. However, further, it will meet resistance in the area of 61500, which is provided by the 100-hour moving average. Further, the BTC/USD pair will have to rise above the downtrend line in the area of 62300.