Bearish Waves: Bitcoin Dive Tests $60K Support Amidst Uncertain Market Sentiments

Bitcoin price slumps below crucial levels, with bears eyeing the $60,000 support; technical indicators hint at further downside risks.

Bitcoin experiences a sharp decline, breaching the $60,000 support level, stirring concerns among traders. Despite a minor rebound, the price struggles below $61,500 and the 100-hourly SMA.

Technical analysis reveals a bearish trend line forming with resistance around $60,400, adding pressure on BTC/USD. Failure to surpass key resistance levels at $62,000 and $62,500 may lead to intensified selling.

Downside risks loom large if Bitcoin fails to hold above $59,500, with major support levels at $59,100 and potential drops toward $58,000 and $56,400.

Hourly MACD signals bearish momentum, while the RSI dips below the 50 level, indicating weakening bullish strength.

Despite the challenging scenario, a decisive breakthrough above $62,500 could fuel upward momentum, potentially targeting $64,000.

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