Bitcoin Upper Trendline Resistance Is Holding Price Back, Can It Push It Below $60,000? Analyst Answers

A latest TradingView technical outlook suggests Bitcoin stays locked beneath a cussed higher trendline resistance that continues to suppress bullish momentum. Regardless of a number of restoration makes an attempt, BTC has repeatedly failed to interrupt via the resistance zone, inflicting speculations that the value might push under $60,000.

Bitcoin Trapped Beneath A Heavy Ceiling

The TradingView chart highlights how this higher trendline has constantly acted as a ceiling for worth motion, rejecting Bitcoin every time consumers try and push larger. That resistance space additionally overlaps with key Fibonacci retracement ranges, making it an more and more vital barrier throughout the present market construction.

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Present worth motion seems to assist that outlook. Bitcoin has struggled to maintain upside momentum and not too long ago slipped decrease after one other rejection close to the highest of the rising formation. Consideration is now shifting towards the $73,000 to $75,000 assist area, which analysts view as essential for sustaining the broader bullish construction. 

The setup additionally reveals a narrowing wedge-like restoration construction creating after Bitcoin’s earlier selloff. Nonetheless, somewhat than breaking upward decisively, BTC has began rolling over close to resistance as soon as once more, signaling that the market nonetheless lacks the momentum wanted to overpower the higher trendline.

This weak spot is already changing into seen throughout broader market efficiency metrics. Bitcoin remains under pressure on larger timeframes and has recorded losses throughout the weekly and 14-day charts. For bullish momentum to regain energy, analysts say Bitcoin should lastly break above the higher trendline resistance with robust conviction. Till that occurs, the present worth motion continues to bolster the concept the trendline ceiling stays firmly in charge of the market.

Can Bitcoin Crash Under $60,000?

Whereas the dominant outlook favours Bitcoin breaking the higher trendline to regain bullish momentum, analysts should not dismissing the opportunity of a much deeper flush if key helps collapse. The instant draw back focus sits between $69,000 and $66,000, the place one other main assist area intersects with the rising trendline construction from earlier swing lows. A transfer into that vary would seemingly symbolize an aggressive however technically acceptable retracement throughout the broader cycle.

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The extra regarding situation emerges if Bitcoin loses the $66,000 threshold fully. In accordance with the chart, that breakdown would invalidate the present ascending assist framework and probably set off a broader risk-off response throughout crypto markets.

In that state of affairs, volatility might enhance quickly. Liquidity gaps under present worth ranges could expose Bitcoin to a sharp capitulation transfer able to driving worth beneath $60,000 earlier than stronger demand returns. There’s additionally a touch at the opportunity of a panic-driven wick stretching towards the low-$50,000 area if market circumstances deteriorate aggressively.

For now, nonetheless, the market stays at an inflection level somewhat than in confirmed collapse. The conduct of consumers across the $73,000 to $75,000 space will seemingly decide whether or not Bitcoin resumes its climb towards six-figure territory or slides right into a much deeper corrective phase.

Featured picture created with Dall.E, chart from Tradingview.com