TRENDING:
Oil price
XAU/USD
EUR/USD
Trade War
GBP/USD
Silver
Sponsored by
Login
|

BTC/USD outlook: 60K barrier limits recovery attempts as larger bears hold grip

BTC/USD outlook: 60K barrier limits recovery attempts as larger bears hold grip
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD falls below 60K mark after another failure to extend recovery from new 2026 low (57992) and register firm break above psychological barrier.

Near-term structure (hourly chart) showed some signs of strengthening that boosted expectations for recovery breaking above congestion in past few sessions.

However, hopes were so far short-lived as larger picture remains firmly bearish (daily chart) that kept barriers at 61300/600 zone (falling 10DMA/Fibo 38.2% of 67250/57992/200WMA) out of reach.

Increased risk of retesting 2026 low (57992) and nearby Fibo support at 57816 (61.8% of 15485/126299) should be expected if the price registers another close below 60K, with break lower to signal continuation of larger downtrend and expose next targets at 52500 (Sep 2024 low) and 50K (psychological).

Res: 60000; 60829; 61300; 61600.
Sup: 59000; 57992; 57816; 56427.

Chart

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

Ripple stabilizes as support holds amid steady ETF inflows

Ripple stabilizes as support holds amid steady ETF inflows

Ripple pares losses and trades around $1.05 at the time of writing on Monday. The cross-border remittance token is attempting a recovery after last week’s sell-off, which intensified as the US and Iran exchanged fire.

Crypto Today: Bitcoin and Ethereum edge higher, XRP pares losses as US and Iran agree to resume talks

Crypto Today: Bitcoin and Ethereum edge higher, XRP pares losses as US and Iran agree to resume talks

Bitcoin is showing renewed signs of recovery, approaching the $60,000 mark at the time of writing on Monday. Among altcoins, Ethereum is positioned for a potential breakout above $1,600, while Ripple continues to face bearish pressure, holding just above the key $1.00 psychological support.

Bitcoin four-year cycle: BTC risks 75% drawdown with four months of bear market still ahead

Bitcoin four-year cycle: BTC risks 75% drawdown with four months of bear market still ahead

Bitcoin price continues to trend downward below the $60,000 support zone after losing over 50% of its value since the $126,199 high in October. Bitcoin’s four-year cycle, measured from cycle tops to bottoms, suggests that four months of a bear market are still ahead.

Bitcoin Price Forecast: Mild recovery as US and Iran agree to halt attacks, resume talks

Bitcoin Price Forecast: Mild recovery as US and Iran agree to halt attacks, resume talks

Bitcoin recovers slightly on Monday, trading above $60,000 after closing below the 200-week SMA the previous week. Market sentiment turned cautiously positive after the US and Iran agreed to halt attacks and renew peace talks.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.