Bitcoin

Bitcoin is currently trading just above the key $58,000 level, surprising many with its sudden drop below $60,000. Analyst Josh from Crypto World noted that there’s a reversal signal appearing on Bitcoin’s chart. He explained that Bitcoin’s price is now testing an important support level after facing resistance.Discussing the daily Bitcoin chart, Josh shared some good news and highlighted a significant recent change: a pullback and possible bearish trend reversal in the DXY. This shift could <a href="https://cryptosheadlines.com/litecoins-rsi-signals-bullish-trend/" rel="noopener noreferrer nofollow">signal a bullish trend</a> reversal for Bitcoin.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/799a1cc1412344de82114c5c5408a808.png" /><h3 id="bitcoin-price-update-support-levels-and-future-outlook">Bitcoin Price Update: Support Levels and Future Outlook</h3>Bitcoin was recently testing <a href="https://cryptosheadlines.com/cardano-dips-below-0-5-shiba-inu-hits-key-level-polygon-finds-strong-support/" rel="noopener noreferrer nofollow">key support levels</a> between $60,000 and $61,000 after being rejected from resistance around $63,000 to $64,000. Currently, the price has dipped below $60,000.In the midst of a short-term bearish trend, the <a href="https://cryptosheadlines.com/bitcoin-price-prediction-analyst-expects-100000-before-halving/" rel="noopener noreferrer nofollow">analyst expects Bitcoin</a> to move sideways within the current support and resistance range. He noted that if the price breaks below $60,000, it could further decline towards the next support zone between $56,000 and $58,000. If his predictions hold true, Bitcoin might next revisit the $56,000 level.<h3 id="analyzing-bitcoin-s-bearish-outlook-and-path-to-recovery">Analyzing Bitcoin’s Bearish Outlook and Path to Recovery</h3>To shift from the current bearish outlook, the analyst emphasized the need for <a href="https://cryptosheadlines.com/bitcoins-key-resistance-levels/" rel="noopener noreferrer nofollow">Bitcoin to confirm a breakout above resistance levels</a>. This would require daily candle closes above key thresholds and supporting signals in the DXY. He referenced his previous analysis from about a month ago, which identified a warning signal in the DXY that preceded a potential bearish trend for Bitcoin.<blockquote>The analyst also discussed Bitcoin’s recent price volatility, noting that it has been particularly pronounced during weekdays, unlike the historically lower volatility seen over weekends. He highlighted recent movements in the 4-hour Bitcoin RSI, which shifted from overbought to oversold conditions, and predicted a pullback similar to what has been observed over the past few days.</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/983cba9a2da546248879a2c91253bcbc.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bitcoin Price Prediction: Big Drop Confirmed; Next Target $56000

Table of Contents

cmcdelete@edb8d1ee4ec9a85c04690131b307c085

Other articles published on Jul 4, 2024

Cronos Passage: Bridge to zkEVM!

South Africa missing as Starlink launches in Madagascar, 5 other countries

Avalanche Boosts Game Devs with GameChain by Gamestarter for Low-Cost Blockchain Integration

Top 10 Crypto Airdrops July 2024

Mt. Gox tests Bitcoin transfers to Bitbank and unmarked addresses

BitMEX Mimics VanEck with New Meme Coin Index

Join our free newsletter for daily crypto updates!