Bitcoin Price Analysis: BTC falls below $61,000, next target

Bitcoin’s fall below $66,000 and below the 200-day moving average indicates that bearish sentiment is growing.

If the price fails to hold the $60,000 support, the possibility of a medium-term decline to the $52,000 to $55,000 area increases.

Daily Chart

On the daily chart, Bitcoin surged above the 100-day and 200-day moving averages, briefly reviving bullish sentiment.

However, after reaching the $66,000 resistance area, a huge selling pressure emerged, halting the upward trend. This area has historically served as a strong resistance level for months, and Bitcoin’s failure to surpass it has led to a major rejection.

Currently, Bitcoin is trading below the 200-day moving average at $63,400 and is stuck above the 100-day moving average at around $61,000. This area is crucial as the $60,000 support area acts as both psychological and physical support.

If Bitcoin falls below this barrier, a drop towards the $52,000 to $55,000 range is likely in the medium term. This area represents the next major support level and could become a target if the bearish momentum persists.

4-Hour Chart

On the 4-hour chart, Bitcoin’s surge encountered significant resistance at the 0.618-0.786 Fibonacci OTE Retracement area, which corresponds to the $66,000 price level.

This selling pressure resulted in a sharp rejection that caused the share price to fall by 10%. The presence of sellers around $66,000 suggests that it remains a significant barrier and a key resistance level in the broader market outlook.

Therefore, Bitcoin is expected to enter a short-term consolidation phase, with the $60,000 psychological support level being the next key level to watch. If Bitcoin holds above this support, it is likely to consolidate before attempting another rally. However, if the $60,000 support level is breached, there is a high probability of a deeper correction towards the $55,000 level, which would signal a possible shift to a sustained bearish trend. #BTC☀ #ETH🔥🔥🔥🔥