Bitcoin Experts See $50K as the Next Support Level Should It Break Below $60K

Bitcoin fell below $60,000 today, dropping to its lowest point since early May, but it quickly bounced back.

Bitcoin price fell below $60,000 today, dropping to its lowest point since early May, but it quickly bounced back. Several market experts now shared their technical analysis on what’s next for the digital asset as it fluctuates close to this key, psychological level.

“We will be monitoring the price closely to see whether the support level around $60K holds,” said Joe DiPasquale, who is the CEO of cryptocurrency hedge fund manager BitBull Capital, in comments that were submitted through email.

Should bitcoin break through support near $60,000, the next support level will be at $50,000, he explained.

However, if the digital asset trends higher, its next key level of resistance will be $70,000, according to DiPasquale.

“If BTC falls below the 60k level, the next support zone is 55-58k,” said Grant Tungate, who is currently head of business development for Blockforce Capital, in a different perspective that was shared via emailed input.

“The 200d moving average is 57.5k, and the May 1st multi-month low is around $56.5k,” he noted.

William Noble, who serves as director of research and content development for Emerging Assets Group, pinpointed different key levels in his technical analysis.

“Bitcoin is stuck just below an important point at 61.1k,” he stated.

“There are a lot of reasons to expect bitcoin to move through that level. Bitcoin is oversold and there has likely been capitulation selling in other sectors of the crypto market.”

The chart below provides additional detail on this technical level.

This chart shows some key technical levels for bitcoin.

“That said, if bitcoin can not rally back above 61.1k there is reason to believe that bitcoin could fall to the next support level at 56.2k.”

“The most important thing to watch for on the chart is if traders and investors will be willing to pay higher prices and not just buy big down moves.”

“If there is no demand once price rises, then a move to 56k becomes very likely. In other words, beware of failed rallies.”

Tim Enneking, who is managing partner of Psalion, also provided some additional input on this matter.

“BTC wicked down through technical support at $59.6k and then immediately broke back up above $60k,” he stated.

“If $59.6 doesn’t hold, the next support level is at $56.7k. Should that break (and it looks unlikely at the moment), the next support level is just over $52k.”

“To the upside, there will be strong resistance around $63k and $67.3k,” he added.

“Given the aftermath of prior halving cycles, however, I would expect BTC to be rangebound in the low $60’s and high $50’s for most of Q3.”

“We shouldn’t let the ‘early’ ATH because of the spot BTC ETF approval in the US affect us too much,” he claimed.

“Based on those prior cycles, the real bull market is in 2025!”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

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