Bitcoin price trend analysis: Can it hold the $60,000 support level?

Bitcoin price downward trend Bitcoin price has continued to fall in recent days, falling 1.5% intraday and 7.65% over the past week, reaching $62,130 on June 24. Recovering these losses appears unlikely in the coming days, with multiple indicators suggesting Bitcoin prices may slide further.

Future Bitcoin Price Movement Forecast

Since the Bitcoin bull run reached a new high of $74,000 in March 2024, the price has been consolidating within a descending channel.

1. Every time Bitcoin tests the upper trendline as resistance, it retraces towards the lower trendline.
2. As of June 24, BTC price has pulled back after hitting the upper trendline around $72,000 and is now heading towards psychological support at $60,000.

   

   Interestingly, the $60,000 downside target is closer to Bitcoin’s 200-day exponential moving average (200-day EMA), which is around $58,000. This confluence increases the likelihood of BTC approaching the $58,000-60,000 range in July.

   

   Market Analysis and Forecast

1. Independent market analyst Teddy Cleps predicts

• Bitcoin is expected to fall towards $61,000
• 21-week EMA and historical support levels

Cleps noted:

• Since the start of the Bitcoin bull run, every correction has landed on and bounced off the 21-week EMA
• Now approaching that level, if history repeats itself, $61,000 will be the bottom

  

  Possible support and resistance in the future Bit

Bitcoin’s continued consolidation trend is in line with what Galaxy Digital Holdings Ltd. founder Michael Novogratz predicted in May.

1. Support:

   • $20,000
   • $17,500
   • $15,000

2. Resistance:

   • 25, 000 USD
   • 30,000 USD
   • 35,000 USD

Novogratz believes that BTC will trade in the $55,000-75,000 range in the second quarter of 2024. He expects new market events to drive prices higher, following the launch of a spot U.S. Bitcoin ETF and the stalling of the bull market fueled by Bitcoin’s halving.

Novogratz said strong economic data and fading optimism about a Fed rate cut are the reasons for the current market pause.

Unlike Novogratz, 10x Research founder Markus Thielen predicts that Bitcoin will break out of the consolidation range and fall towards $50,000, citing the possibility of a double top pattern. A double top pattern typically occurs when price falls below a neckline, and the drop may be equal to the distance between the peak and the neckline.
The Promise of a Bull Flag Pattern
Meanwhile, the descending channel range looks like a classic Bull Flag pattern, which is a bullish continuation setup that forms after prices consolidate in a downward sloping range following a strong rebound. A bull flag usually ends after price breaks above the upper trendline and rises to the height of the previous uptrend. If this bullish scenario materializes, Bitcoin price targets $88,000 (an all-time high) as the main upside target in July or August.
Additionally, Bitcoin’s daily relative strength index (RSI) is the most oversold since August 2023. This could be a precursor to a potential recovery period, improving BTC’s chances of reaching the bull flag target.

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