Bitcoin Price Slides Below $60,000 Amid Profit-Taking and Fed Concerns
Bitcoin's price fell below $60,000 on Wednesday, dropping 4.8% to $59,105 over the past 24 hours. The decline comes as optimism about Federal Reserve interest-rate cuts faded, causing the cryptocurrency to lose momentum. Over the past three months, Bitcoin has slipped 12% and is now trading 20% below its record high of nearly $74,000, reached in March.
The exact cause of the recent drop is unclear, but it may be partly due to traders taking profits following Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. Bitcoin initially surged after Powell’s remarks but has since erased all the gains made in the wake of his comments.
Current Outlook:
Bitcoin is expected to consolidate between $56,888 and $62,400 until a breakout occurs.
Bitcoin's price fell below $60,000 on Wednesday, dropping 4.8% to $59,105 over the past 24 hours. The decline comes as optimism about Federal Reserve interest-rate cuts faded, causing the cryptocurrency to lose momentum. Over the past three months, Bitcoin has slipped 12% and is now trading 20% below its record high of nearly $74,000, reached in March.
The exact cause of the recent drop is unclear, but it may be partly due to traders taking profits following Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. Bitcoin initially surged after Powell’s remarks but has since erased all the gains made in the wake of his comments.
Current Outlook:
Bitcoin is expected to consolidate between $56,888 and $62,400 until a breakout occurs.
- If Bitcoin remains above $62,400, it could trend towards $64,900. Stability above $64,900 would confirm a bullish trend, targeting $70,000.
- However, if Bitcoin stabilizes below $59,950, it may drop towards $56,888. A 4-hour candle close below this level would confirm a downtrend towards $52,800.
Key Levels:
Pivot Line: $59,950
Resistance: $62,410, $64,900, $70,000
Support: $56,888, $52,800, $49,460
Expected Range: Bitcoin is expected to move between $52,790 and $64,910.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。