July 2, 2022

Bitcoin Price Analysis: BTC Drops 13% To Retest the $58,000 Support Floor

2 min read

Bitcoin (BTC) has already dipped below $60,000, but overall BTC price action suggests that the amazing 2017 bull run is still in playBitcoin (BTC) has already dipped below $60,000, but overall BTC price action suggests that the amazing 2017 bull run is still in play

< img width=" 1200 "height= "900"src="https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china.jpg"class= "attachment-full size-full wp-post-image"alt ="Bitcoin(BTC )has currently dipped listed below$60,000, but general BTC rate action recommends that the remarkable 2017 bull run is still in play "style="float: right; margin:0 0 10px 10px; "srcset="https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china.jpg 1200w, https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china-300x225.jpg 300w, https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china-768x576.jpg 768w, https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china-678x509.jpg 678w, https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china-326x245.jpg 326w, https://coingape.com/wp-content/uploads/2021/10/bitcoin-price-crash-china-80x60.jpg 80w"sizes="(max-width: 1200px)100vw, 1200px"/ > Bitcoin price retests the$58,000 assistance level as it has a hard time to recover the $60,000 vital assistance wall. BTC has lost nearly$10,000 from its all-time high above $69,000. Overcoming the 200 SMA above$62,000 might see Bitcoin restart the increase. Bitcoin rate extends Tuesday’s price correction as it retests important support levels. Bitcoin has actually dropped as low as $58,527 on Wednesday as the$58,000 assistance level comes it convenient. Analysts are, nevertheless, remain bullish on Bitcoin that it will resume the growth as long as it recaptures the$60,000 psychological level. Bitcoin Price Grapples With the $58,000 Psychological Level The existing BTC rate drop has actually seen the huge crypto decrease 14 %from the November 10 all-time high (ATH) above $69,000 to the present rate around $59,572. The drop has actually seen Bitcoin piece through the $60,000 psychological level consistently shedding more than $10,000 from the ATH as seen on the four-hour chart.

The four-hour demand zone in between the $58,527 and $60,876 levels use essential support locations that choose the direction taken by Bitcoin cost.

A bounce from this assistance zone might boost the bulls who are most likely to push the Bitcoin price above the $60,876 significant resistance level to tag the 200-period easy moving average (SMA) at $62,683. Flipping this level into support is most likely to move the bellwether cryptocurrency towards new record highs above $70,000.

BTC/USD Four-Hour Chart

Live Chart

Bitcoin price Four-Hour Chart

Before this, BTC/USD needs to conquer the 100 SMA at $63,571 and 50 SMA at $64,304 welcomed by the declining trendline.

The above bullish narrative thesis that BTC rate will bounce hold the $58, 000 assistance zone, nevertheless, a breakdown of this support flooring will suggest that Bitcoin could head into a liquidity area, ranging from $53,000 to $56,000 mental levels.

The position of the Bitcoin rate below the SMAs and the entry of the Relative Strength Index (RSI) into the oversold area confirm this unfavorable outlook.

The position of the Moving Average Convergence Divergence (MACD) indicator below the neutral line includes more credence to Bitcoin’s bearish story.

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