Bitcoin could reach 60000 if crucial level is breached

Bitcoin (
BTC
) continues to be at a standstill as its price remains stable, with a knowledgeable
cryptocurrency trading
expert pointing out a crucial chart level that could give
bears
the advantage if breached.
In a recent post on
TradingView
on June 13, the analyst known as
TradingShot
highlighted the importance of the one-day
moving average
50 (1D MA50) at approximately $65,000 as a key
support
level for Bitcoin.
The analyst emphasized the significance of this level in order to prevent further declines. If Bitcoin breaks below this level, it might retest the $60,000 support area.
This analysis is in line with past price movements. Specifically, the analyst drew comparisons to a previous
trend
observed from April 8 to 19, characterized by a descending channel.
Following a bearish breakout during that time, Bitcoin faced resistance precisely at the 1D MA50, confirming a downtrend towards the $60,000 target price.
The expert pointed out that
Bitcoin
was rejected at the four-hour moving average 50 (4H MA50) on June 11, leading to a pullback that is now approaching the 1D MA50. This level played a crucial role earlier in the week by supporting Bitcoin’s price. However, breaching this support now could lead to trouble.
It is important to note that Bitcoin has seen minor losses in the short term, with
investors
anticipating further corrections. The recent drop below the $68,000 mark was triggered by significant net outflows of $226.21 million from U.S. spot exchange-traded funds (
ETF
) in a single day.
Moreover, there are concerns in the market about potential limits on Bitcoin’s upward momentum due to miners selling at a high rate, which could indicate a price capitulation in the near future.
Despite briefly surging from $68,000 to $70,000 on June 12 following lower-than-expected May U.S. Consumer Price Index (CPI) data, Bitcoin quickly lost those gains after the Federal Open Market Committee (FOMC) revised its rate cut forecast for the year.
Currently valued at $67,105, Bitcoin has experienced a slight daily correction of about 1%. On the weekly chart, BTC has suffered losses of nearly 6%.
Disclaimer:
The information provided on this platform is not intended as financial advice. Investment involves risk and should be approached with caution.