60K resistance might be broken

[Findingnemo]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

[Fivestar4everMVP]

And I was just about coming here to create a similar thread announcing that Bitcoin price is finally gone below the $60,000 range which many assumed to be the support, and I can't help but ask, what exactly is causing this seemingly steady decline?, is this still a healthy correction or is there to this?

Personally, I am not bother at all, for I have been in crypto since 2016 and have seen and witnessed worser times, I am just trying to understand if there could be a good reason for the decline, so as to know if it's time to buy more bitcoins, or just wait for it to decline further.

Anyways, I learnt that CZ sentencing is happening today and now( if not over already; actually), could this have contributed to the general market major downturn we experienced today?

[Captain Corporate]

It is broken and to be fair I am in big shock. Nobody expected something like this to happen and I feel like we are going to definitely end up with a big major trouble when it comes to this. We should probably consider the fact that we are not getting anything great here, we should just consider how we could do better. This breaking under 60k is not nice, it doesn't really show anything good and we need to provide something better in the end. I believe that we are going to get better, we just need to make sure that we could hold a bit longer, its not going to end up with a lot better, but at least some better results.

[Stompix]

The ETF hype is going away slowly, there are negative outflows, the huge initial raise of IBIT is nowhere to be seen anymore, things are starting to get bearish again, and there is no real reason to see some interest cuts in the next months to help investments, so no wonder it seems we're running out of fuel.
I doubt we're going to enter a bear market but more and more signs point out to some sideways movement for a while, it will be all about the news, but I wonder what kind of positive news can we hope for, pretty limited choice.

[electronicash]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

if this is manipulated, whales might just send the price down to $53k for the daily chart to indicate bottom/ oversold so that investors will like to get to buy back. but this is till unsure because the ETF market is already going to taking over. 

but i think they already its going to happen every time there is ETF that is approved. if Australia will soon approve ETF as well, i guess they can really drag the price to its knees despite the supply being this low.

[MrSpasybo]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

Today is an important day for crypto market, we have the results of the penalties for CZ and the accusations against Roger Ver. BTC price has also fluctuated strongly and has fallen below $60K. To be honest, I'm not surprised by this, I've been preparing for all scenarios as I've determined that BTC has broken out of the mini growth bubble that lasted for more than a year and entered a period of adjustment and re-accumulation.

I hope that $60K can become a good enough support zone for BTC price at this time. The best scenario is that BTC will sideway around $60K and shift capital flow to ALTS. The worst scenario is that BTC continues to fall to $40K and causes investors to panic and sell off, pushing many ALTS back to their lows again before the bullrun officially starts.

[Baofeng]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

It has been broken as I have seen the price going into $59k'ish. And even if we have seen the Hong Kong Bitcoin Spot ETF being traded already, the volume is very small as compare when the US had it's first trading day.

And as far as the US goes, yeah, the same picture is emerging, there's not much money flowing and volume are not that big as compare when it was just launched. So we will have to see how it will affect the market in the long run, we should just remain positive that everything will be ok at least at the end of the year.

[Findingnemo]

Thanks for all your comments, as expected the negative news about crypto market lead to this dump in price of Bitcoin and most of the altcoins too, at the moment it's hanging at 57K ish but with the rate I expect atleast go near 50K then we might start the actual bull run for the cycle 2025.

[vegasus]

And actually it's still broken again. The price continues to decrease. Isn't this natural that over time, I'm quite worried about the development of this market? because even today, the price broke $57k. This is crazy, because it actually happens over -4%. Even in this week, the price of BTC actually fell by more than -11%. Will this continue or will it reverse towards soaring high again?

CMC

and most of all altcoins prices are also declining so drastically. This is bad market situation.

[electronicash]

Thanks for all your comments, as expected the negative news about crypto market lead to this dump in price of Bitcoin and most of the altcoins too, at the moment it's hanging at 57K ish but with the rate I expect atleast go near 50K then we might start the actual bull run for the cycle 2025.

from the chat, i saw some experienced traders pointed out price will dip to $43k support. can't believe the theory but i think this dip will just stop at $53k and will bounce to try breaking that 73k resistance again.

you can keep waiting for that $50k to happen, your lucky once it does.   usually the resistance turns into a support just like that in 53k. you can expect sideways of price in this range before hitting that 50k else it will just bounce before it would even go below 52k.

[milewilda]

Thanks for all your comments, as expected the negative news about crypto market lead to this dump in price of Bitcoin and most of the altcoins too, at the moment it's hanging at 57K ish but with the rate I expect atleast go near 50K then we might start the actual bull run for the cycle 2025.

from the chat, i saw some experienced traders pointed out price will dip to $43k support. can't believe the theory but i think this dip will just stop at $53k and will bounce to try breaking that 73k resistance again.

you can keep waiting for that $50k to happen, your lucky once it does.   usually the resistance turns into a support just like that in 53k. you can expect sideways of price in this range before hitting that 50k else it will just bounce before it would even go below 52k.

On the moment that the makret would really be having this kind of dip then you would really be seeing those different people or traders would be saying this and that which they were right with their predictions but actually this is something that cant really be known. Yes, we can be able to draw out when it comes to those technical indicators but doesnt mean that it will surely happen.
No one really had anticipated for the price that having that correction as low as the current price which is 57k as of this moment. If it would go below 50k then 38k could be that possible but of course that 43k support should be broken out first.

[Captain Corporate]

Honestly, I did not expected 56k levels to be seen, that was definitely a horrible sight to see at this point. However, we need to remember that all the other halvings had a drop after the halving as well. I consider that happens because al to of people bulk buy before the halving, so that they would be able to profit at halving ,and then sell afterwards. Considering how high we got up until this point (all the way to here from under 20k) that is something we can consider as a possibility. I believe that we just need to make sure that we are going to end up with a good result one way or another eventually like all others.

[LogitechMouse]

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Speculators share your insights about how the price movements will be from this point.

$50,000.
That's the current support now that it has broken the last support which is the $60,000 price.

Now the $60,000 will act as a psychological resistance because it has been broken already. TBH, I didn't expect for Bitcoin to go even below $60,000 but I realized, it also happened in 2020 after the halving event, and even in the last one in 2016. A short dump followed by a huge pump in price signaling the start of the bull season.

Overall, this just gave me another opportunity to buy Bitcoin at a much lower price. I already bought some Bitcoin, and with this, I expect that I will double my money in just a few months (of course if the bull run happens). Take the opportunity and accumulate more Bitcoins. My prediction? Bitcoin will go around the $50,000 - $60,000 in the following days and maybe in a week or 2, but in the mid to long run, it will go up in price significantly.

[bitterguy28]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

it was broken mate and yeah i thought that the 55k resistance will also be broken but good thing it keeps strong and now stays above 57k .
there are some that i come across in other forum says this will even fall to 52k before showing its force to make a bull run but I think I will wait for what will happen because I'm already holding my funds and my hopes are high this year.

[EthereumDev_]

I am not really a guy who look into the prices very often but ever since halving I am keeping an eye on it, the prices on the way of declining ever since halving with deadcat bounce. As of now I am writing the price ranges in between 60-61K.

Speculators share your insights about how the price movements will be from this point.

it was broken mate and yeah i thought that the 55k resistance will also be broken but good thing it keeps strong and now stays above 57k .
there are some that i come across in other forum says this will even fall to 52k before showing its force to make a bull run but I think I will wait for what will happen because I'm already holding my funds and my hopes are high this year.

Luckily the $55k wall cannot be broken this month, maybe the lowest price is $57k, but when the $55k wall breaks then the price of bitcoin will fall to a very deep price, the bearish season is already visible so we just need to be careful when we want to trade . Many people hope that the price of bitcoin will rise higher and make a new ATH, but in reality many whales have left bitcoin and are waiting for bitcoin to drop again in market conditions.