Bitcoin

<ul><li>Bitcoin lost a key support level, raising concerns of further declines to lower support zones.</li><li>Resistance near $61,000-$62,000 has led to price rejections, reinforcing a bearish trend.</li><li>Converging moving averages and bearish MACD signals suggest further downside potential for Bitcoin.</li></ul><a href="https://cryptotale.org/analysts-eye-key-bitcoin-support-levels-for-market-moves/" rel="noopener noreferrer nofollow">Bitcoin&#39;s</a> recent price action has raised concerns among traders as it lost a key local support level, suggesting a potential shift in market sentiment. As per an analysis by Nebraskangooner, the cryptocurrency seems poised to test lower support levels after a recent breakdown in price.The price action on the 4-hour chart highlights a pivotal juncture for Bitcoin. Previously, Bitcoin faced substantial resistance around the $61,000-$62,000 mark, where sellers entered the market decisively, pushing the price lower. This resistance area, shaded in dark green on the chart, has consistently proven to be a supply zone, leading to multiple price rejections.On the flip side, support levels have become the focal point of <a href="https://cryptotale.org/bitcoin-vs-ethereum-social-media-influence-fluctuations/" rel="noopener noreferrer nofollow">Bitcoin&#39;s</a> price action. Initially, the price held at the $59,200 support level, showing resilience with a bounce after a brief decline. However, the recent breakdown below this support indicates a bearish trend.Related: <a href="https://cryptotale.org/bitcoins-future-uncertain-as-analysts-debate-bearish-market-structure/" rel="noopener noreferrer nofollow">Bitcoin’s Future Uncertain as Analysts Debate Bearish Market Structure</a>The price hovers around $58,320, near the second support level at $57,600. Should this level fail to hold, Bitcoin could potentially test even lower support around $56,800. The moving averages are showing signs of convergence, hinting at a potential bearish crossover. If the moving averages cross negatively, this development could suggest further downward pressure.<a href="https://cryptotale.org/btc-at-a-crossroads-will-the-57600-support-hold-or-break/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

BTC at a Crossroads: Will the $57,600 Support Hold or Break?

CryptoTale

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