Bitcoin has been showing some bearish signals due to the loss of support around the $58,000 mark. The asset continued to record more falls after yesterday’s decline, and this shows that the crypto could welcome new lows if the current bearish trend is not changed. Many Bitcoin holders were taken by surprise due to the recent price fall after the asset finally retook the $58,000 mark.
Bitcoin continues to decline
Bitcoin continues to struggle moving beyond the $54,000 mark as the bullish strength is very low due to the recent declines. The increasing selling pressure also threatens the asset’s value, as traders sell-off at an alarming rate to secure profits. Yesterday, the asset had some stance around the $56,000 mark, but this is short-lived as it lacked enough strength to maintain the high.
The sellers are the major reason for the crypto’s continuous fall and its failure to retake the $60,000 peak. Holders have to keep their assets for the time being to record higher profits from their digital asset holdings. Yesterday, the asset moved between the $56,000 and $59,000 mark, but this is no longer so as Bitcoin even fell lower than the anticipated mark.
Bitcoin is trading slightly above the $54,000 mark around press time after it fell from its dominant support levels. The asset has its key resistance level around $62,000, $64,000 and $66,000. On the other hand, the supporting level holds around $52,000, $50,000, and $48,000.
People did not expect Bitcoin to go bearish within such a short time, especially since it started hitting new attractive highs. Most people thought Bitcoin would retake the $60,000 mark, but this did not happen as the support did not hold the digital asset. The asset had been trading around the $57,000 mark two days ago, but charts show potential for more extensive growth.
Bitcoin faces a bearish reversal
The asset had an unexpected reversal, which ruined its journey towards retaking the $59,000 mark. A couple of days ago, the asset lost the $57,000 mark support and stayed around $56,000 but reversed to $55,000 almost immediately. These losses have not stopped as Bitcoin has lost the $55,000 support and barely hangs on the $54,000 range. The asset lost around 3% within 24 hours, and this downtrend might continue.
The technical indicator, RSI (14), is currently around the 60-level, which means that the asset has equal pressure from bulls and bears. Fortunately, charts show that Bitcoin would likely record notable highs if it manages to retake the $58,000 mark. The bulls are dominant around the range and would likely help the asset retake the $60,000 mark if it manages to move to $58,000.
It’s safe to note that if the asset continues to decline, it might be dangerous to the crypto’s long-term value, and the next support would likely be the $52,000 mark. If the asset manages to hit that support, the bears would dominant the crypto’s mark. Indicators showed that the fall from the $60,000 peak is due to the lack of strength on the asset’s part to maintain that price range.
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