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Bitcoin Slides Into The Bearish Zone After Latest Rejection

Bitcoin has not had it well in the market over the last few hours as the digital asset has seen its bull momentum pushed back after touching close to $59,000. As at this moment, the leading digital asset is staring the bears in the face after an unsuccessful move upward, recording a decline of 1.8% in the process.

With that, it has now registered a price of around $58,027, moving below the 9-day average in the same vein. A look at the digital assets chart will show that it is planning to trigger a move back to face $59,000 despite just falling from the spot earlier. With the asset more determined than every other attempt that it has tried, it might trigger the bulls to top well above the previous resistance level.

Bitcoin fails to surmount $59,000

Since yesterday, Bitcoin has tried and failed on numerous occasions to cross close to the $60,000 mark. This is not the first time the coin has tried and failed, as its chart has glaringly shown that it has tried in the last trading days. While the coin was on its way, determined to breach this level earlier today, seller activities were the major factor that it encountered as it crashed from $59,475 to a region close to $57,613.

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After that, the asset made a small jump to where it is now. With the coin now at its current position, it could also make this position its core support level, and a slight fall would return it back to the region that it was before it made the rise. If the coin continues to fall, it could fall as low as $53,000 before going to touch $51,000 and finally moving towards the $49,000 price zone. Presently, the RSI of the digital asset has crept its way below the 60 level, which shows that the asset may well be in line for further downward moves.

Bitcoin 4-hour chart

If Bitcoin decides and the bulls accept to push the asset upward, it could go as high as $65,000 before touching the $67,000. If the bulls eventually gain ground, the digital asset would be looking to trade at a region around $69,000. All this would be possible if Bitcoin eventually finds a way to move above the moving average.

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A look at the 4-hour chart of the leading digital asset shows that with the price now around $58,000, it might rest a little before going to take on $59,000. If the bulls propel the assets and the traders intensify their buys, the digital asset could go as high as $60,000 or even go-ahead to touch the $61,000 price mark. However, its support is not far down as the $57,500 and the $57,000 would serve as the much-needed support of the digital asset.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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