News View Non-AMP

Bitcoin Price Prediction: What a Dip Below $60,000 Could Indicate Now?

Published by
Anjali Belgaumkar

Analysts are signaling a critical moment for Bitcoin, with warning signs flashing on its charts. As Bitcoin attempts to retest crucial support levels, it faces potential liquidation. According to analyst Josh of Crypto World,  the Bitcoin market is currently in a precarious position, with key support levels holding but facing pressure from bearish indicators. 

Bitcoin Chart Overview

Four-Day Analysis

Looking at the four-day Bitcoin chart, the Super Trend indicator remains in the red, indicating bearish momentum. This aligns with the broader trend we’ve observed over the past six months.

Two-Day Trend

On the two-day chart, Bitcoin is trapped within a descending broadening wedge pattern, which suggests a longer-term bearish trend. To shift this trend into a bullish phase, Bitcoin needs to break above the resistance line around $66,000, ideally reaching $67,000 to $68,000.

Support and Resistance Levels

Currently, Bitcoin is retesting significant support between $60,200 and $61,200. If it breaks below $60,000 with a daily candle close, the next support levels are $59,500 and $58,000. Further downside could bring us to $56,000 to $57,000.

Should Bitcoin bounce off the current support, short-term resistance is expected around $63,000, with stronger resistance at $64,200 to $64,500. Even if Bitcoin breaks this resistance, we would still encounter strong barriers at $67,000 to $68,000.

Liquidation Heat Map

Recent market activity has seen the liquidation of positions between $61,300 and $61,700. Currently, Bitcoin is approaching a significant liquidity zone just below $60,000, which could be a target for further price action. If we see continued bearish momentum along with rising DXY, it could lead to more liquidations.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Ethereum Price Struggles Amid Macroeconomic Uncertainty: Will ETH Rebound?

Amid the notable macroeconomic uncertainty caused by the tariff trade wars, Ethereum (ETH) price has…

April 2, 2025

$1.6B Stolen in Crypto Hacks Q1 2025! Bybit Exploit Tops the List

The first quarter of 2025 brought major changes to the crypto world with new regulations…

April 2, 2025

Ethereum Price Prediction for Q2 2025—Will ETH Price See a Strong Recovery Past $2500?

After experiencing 4 red months in a row, the minor rise in the Ethereum (ETH)…

April 2, 2025

Bitcoin Funding Rates Turn Negative: What It Means for BTC’s Future

In the last 30 days, the Bitcoin market has dropped by around 9.7%. Currently, the…

April 2, 2025

Giorgi Shonia on Critical Steps if Crypto is to Succeed Long-Term

It’s 2025 and we’re pretty honest when we say that crypto has never been bigger.…

April 2, 2025

LiteFinance Launches Largest Crypto Trading Challenge with $1,000,000 Prize Pool

The contest is devoted to the company's 20th anniversary.LiteFinance is running a large-scale contest in…

April 2, 2025