Bitcoin Pressures $60K Support After 4% Drop on Monday

On Jun 24, 2024

itcoin fell around 4% by early US trading on Monday, marking the largest one-day loss since April 30.

The fresh downward acceleration is putting pressure on the psychological 60K support level, which is also near the 76.4% Fibonacci retracement of the 56427 to 71929 rally.

Stretched daily technical indicators suggest that bears may face increased resistance as they approach the 60K pivot. Any upticks are expected to remain below the base of the thick daily cloud at 64214, maintaining bearish momentum and offering better selling opportunities.

A sustained break below the 60K zone would pave the way for a test of the 200DMA at 57331 and key support at 56427 (May 1 low).

Res: 62349; 63235; 64214; 64815
Sup: 60085; 60000; 58608; 57331