Price Analysis View Non-AMP

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

Published by
Elena R

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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Best Cryptocurrencies for June 2025: Ripple (XRP), Dogecoin (DOGE), Mutuum Finance (MUTM)

As market sentiment shifts and fresh momentum builds across digital assets, June 2025 presents a…

June 2, 2025

Live Coin Watch Alert: Bitcoin Solaris’s 21M Fixed Supply Creates Your Second Chance at Bitcoin’s Growth Path

When Bitcoin first emerged, its fixed 21 million supply was mocked. Today, that scarcity has…

June 2, 2025

Singapore Cracks Down on Unlicensed Crypto Firms with Strict New Rules

Singapore’s financial authority announces that unlicensed crypto firms operating overseas after June 30 will be…

June 2, 2025

Can U.S. Buy More Bitcoin? Here’s What David Sacks Revealed

On May 27, 2025, US President’s crypto czar, David Sacks, says there is a pathway…

June 2, 2025

After Monero Surge, Wall Street Ponke Gains Momentum, maybe Under $1?

Hackers used Monero to move stolen Bitcoin, pushing XMR up 24 percent to $269. But…

June 2, 2025

Pakistan Allocates 2,000MW for Bitcoin Mining and AI: A Digital Revolution

Pakistan has allocated 2,000 megawatts (MW) of electricity to fuel Bitcoin mining and artificial intelligence…

June 2, 2025