Will Bitcoin (BTC) Price Retest $58K Mark Before Kick Starting The Bull Run?

Despite increased price volatility in the cryptocurrency market, the BTC price has continued to trade under a bearish sentiment, indicating a rising disinterest of investors in it. Further, the market leader is on the verge of testing its important level of $60K, the outcome of which is uncertain.

With the currency market trends, investors are concerned about the future prospects of the BTC price with questions like “Will Bitcoin price rise again?” and “How low will Bitcoin price drop?”. Let’s go, as in this article, we have covered the short-term price analysis and possible targets of the star crypto.

BTC On The Verge Of A Major Break Down?

With a surge of 131.32% in its trading volume, the Bitcoin price has lost 2.43% in valuation within the past 24 hours. Moreover, the star token has dropped 7.27% within the past week and has erased over 11.50% from its portfolio over the past 30 days.

At the time of writing, the price of Bitcoin traded with a price tag of $60,779.99, a 24-hour trading volume of $42.33 Billion, a market capitalization of $1.199 Trillion, and a 24 high/low of $62,900.83 and $58,601.70 respectively.

The technical indicator MACD displays a constant rise in the red histogram, indicating increased selling-over-buying pressure in the cryptocurrency market. Moreover, the averages show a negative trend in the 1D time frame, highlighting a strong bearish sentiment for the BTC token.

The Relative Strength Index (RSI) has recorded a sharp plunge, resulting in it plunging below the oversold range. Furthermore, the average shows a constant downtrend, suggesting the Bitcoin price will continue losing value this week.

Will BTC Price Rise Again?

If the market pushes the Bitcoin price above its important resistance level of $60,819.50, the bulls will regain momentum and prepare to test its upper resistance level of $67,775.

Maintaining the price at that level will set the stage for the BTC coin price to head toward its all-time high (ATH) of $73,750 in the coming time.

Conversely, if the bears overpowered the bulls, the star crypto will plunge toward its crucial support level of $55,000 during the upcoming weeks.