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.
![Bitcoin price trend analysis: Can it hold the $60,000 support level?](https://img.php.cn/upload/article/000/000/000/171972262848169.jpg)
Future Bitcoin Price Movement ForecastSince the Bitcoin bull run reached a new high of $74,000 in March 2024, the price has been consolidating within a descending channel.
- Every time Bitcoin tests the upper trendline as resistance, it retraces towards the lower trendline.
- 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.
![Bitcoin price trend analysis: Can it hold the $60,000 support level?](https://img.php.cn/upload/article/000/000/000/171972263099500.jpg)
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. ![Bitcoin price trend analysis: Can it hold the $60,000 support level?](https://img.php.cn/upload/article/000/000/000/171972263193561.jpg)
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
![Bitcoin price trend analysis: Can it hold the $60,000 support level?](https://img.php.cn/upload/article/000/000/000/171972263350196.jpg)
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.
-
Support:
-
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.
![Bitcoin price trend analysis: Can it hold the $60,000 support level?](https://img.php.cn/upload/article/000/000/000/171972263562553.jpg)
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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