Bitcoin traders target lower prices as $60K support weakens
Bitcoin’s (CRYPTO:BTC) recent drop below $60,000 has traders anticipating further downside, with some suggesting prices could fall as low as $52,000.
The cryptocurrency’s price fell sharply, losing $6,000 between September 29 and October 3, 2024, amid rising geopolitical tensions in the Middle East.
According to Bitcoin analyst AlphaBTC, the price decline may not be over.
In a post on X, AlphaBTC noted, "Bitcoin still appears to be heading lower," citing the weakening U.S. economic data and the ongoing geopolitical issues.
He recommended that traders hold reserves for a potential deeper market flush.
Bitcoin fell through key technical support levels, such as the 50-day and 100-day exponential moving averages (EMA) at $61,318 and $61,438, respectively.
If these supports remain unbroken, Bitcoin could test lower levels around $57,500 to $61,300, according to AlphaBTC.
Additionally, independent trader Emperor Keo Xplus suggested that if the bearish momentum continues, Bitcoin’s next stop could be $52,000.
However, other analysts, like Crypto Rover and Crypto Patel, emphasized the importance of Bitcoin holding the $60,000 support level.
Patel stated, "If $60k support holds, we could see an upward move toward $63,000. If not, be prepared for the next stop around $55,000."
The 200-day EMA at $59,890 could also provide critical support if the bearish trend continues.
Overall, while some traders remain cautious, Bitcoin's short-term outlook hinges on its ability to maintain the $60,000 level, with any further weakness potentially leading to deeper price corrections.
At the time of writing, the Bitcoin price was $61,012.21.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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