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The post <a href="https://coinpedia.org/price-analysis/will-bitcoin-btc-price-retest-58k-mark-before-kick-starting-the-bull-run/" rel="noopener noreferrer nofollow">Will Bitcoin (BTC) Price Retest $58K Mark Before Kick Starting The Bull Run?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite increased price volatility in the cryptocurrency market, the BTC price has continued to trade under a bearish sentiment, indicating a rising disinterest of investors in it. Further, the market leader is on the verge of testing its important level of $60K, the outcome of which is uncertain.
With the currency market trends, investors are concerned about the future prospects of the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> with questions like “Will Bitcoin price rise again?” and “How low will Bitcoin price drop?”. Let’s go, as in this article, we have covered the short-term price analysis and possible targets of the star crypto.
<h2 class="wp-block-heading" id="h-btc-on-the-verge-of-a-major-break-down">BTC On The Verge Of A Major Break Down?</h2>
With a surge of 131.32% in its trading volume, the <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has lost 2.43% in valuation within the past 24 hours. Moreover, the star token has dropped 7.27% within the past week and has erased over 11.50% from its portfolio over the past 30 days.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXe-wzoLGBvfNKo2clABdD6LefqqARLhaO96UFjss770vAD7aWJN_Jch4LtPs5xr6OFf46ik9mow6s-NTmLZ951hw8OI46tprFlfvOpiiON1L6wg7SIS4SkEHmMqenVGbBR3NI-xhbuz0R2_Egc6zqsKibc?key=JMWkV8oAeRxLE_lEGjG_6Q" alt="Bitcoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BTC/USDT
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</figure>
At the time of writing, the price of Bitcoin traded with a price tag of $60,779.99, a 24-hour trading volume of $42.33 Billion, a market capitalization of $1.199 Trillion, and a 24 high/low of $62,900.83 and $58,601.70 respectively.
The technical indicator MACD displays a constant rise in the red histogram, indicating increased selling-over-buying pressure in the cryptocurrency market. Moreover, the averages show a negative trend in the 1D time frame, highlighting a strong bearish sentiment for the BTC token.
The Relative Strength Index (RSI) has recorded a sharp plunge, resulting in it plunging below the oversold range. Furthermore, the average shows a constant downtrend, suggesting the Bitcoin price will continue losing value this week.
<h2 class="wp-block-heading" id="h-will-btc-price-rise-again">Will BTC Price Rise Again?</h2>
If the market pushes the Bitcoin price above its important resistance level of $60,819.50, the bulls will regain momentum and prepare to test its upper resistance level of $67,775.
Maintaining the price at that level will set the stage for the BTC coin price to head toward its all-time high (ATH) of $73,750 in the coming time.
Conversely, if the bears overpowered the bulls, the star crypto will plunge toward its crucial support level of $55,000 during the upcoming weeks.

Will Bitcoin (BTC) Price Retest $58K Mark Before Kick Starting The Bull Run?

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