Bitcoin price prediction shows bearishness after break below $60K

Bitcoin (BTC) dipped below $60,000 in yesterday’s trading session and touched $58,084. Buyers came in large numbers to purchase the dip, resulting in an exact mimic of the ‘purchase the dip’ situation during the 2017 bull run. 

The leading coin has been within a downtrend since hitting the all-time high at $67,000 on 20th October. On Tuesday, BTC came tumbling from the $63,000 mark into the $60,000; until yesterday when the bulls could no longer hold and the price broke below $60,000. 

Buyers have been attempting to elevate the price towards the resistance and were able to touch a daily high of $59,992 this morning. Unfortunately, heightening bearish momentum saw the price correct lower and return to $58,075.

Bitcoin price trading around $59000, market capitalization is bearish

Bitcoin’s nearest support sits at $57,300 and if buyers fail to strengthen momentum, high chances of a rapid drop exist. According to Coin Market Cap, Bitcoin shed its market capitalization by 3 percent to $1.113 trillion in the past 24-hours. The daily trading volume on the other hand has gone up by 19 percent to $43.80 billion. 

Bitcoin price prediction by TradingView

The Bollinger Bands are indicating increasing volatility. Bitcoin’s price has already veered away from the moving average located at $59,137. Thereby, transforming the MA into a point of resistance. Meanwhile, the Balance of Power indicator is also negative, an indication of increasing seller momentum on the hourly chart.

BTC has in the last 14 days after a week-long retracement above $41K in late Sep and a rapid ascent at the start of October. This led to an ATH of $67,000, followed by a brief descent to the $63K level. 

New support target at $62000

During press time, the bulls are attempting to beat resistance at $59,137 and test new support at $62,000. However, the positive outlook might take longer than expected due to the bears holding the price hostage at around $59,000.