Bitcoin is trading at $60,000, down -0.55% in the last 24 hours. Key reasons behind the weakness: Sharp sell-off in Tech and AI stocks dragged risk assets lower. Modest Bitcoin ETF outflows continued to weigh on price. Last week’s weaker-than-expected US job data and softer GDP print added fresh concerns about economic slowdown, keeping overall sentiment cautious on crypto.
From a technical perspective: On higher timeframes (HTF), BTC remains in a clear downtrend with lower highs and lower lows. On lower timeframes (LTF), price is stuck in sideways chop with no strong directional conviction. Momentum is still bearish overall, and sellers remain in control unless a major catalyst appears. Downside risks stay elevated in the near term.
Investors looking to contextualize the move locally can track Bitcoin’s live price in INR.
BTC remains under pressure after breaking down from its lower-timeframe range. The trend is bearish, and momentum continues to favour sellers. On higher timeframes it’s dropping with lower highs and lows, while lower timeframes are stuck in sideways chop.
Key levels to watch:
• Resistance: $64.4K
• Support: $57.3K
Unless Bitcoin reclaims key resistance with strong volume, downside risks remain elevated and further weakness cannot be ruled out in the near term.
Want to learn technical analysis? Read more.
| Level | Price |
|---|---|
| Resistance | $82.2K |
| Major Resistance | $64.4K |
| Support | $57.3K |
| Other Support | $53.8K |
Want to understand the Relative Strength Index (RSI)? Read here.
| Timeframe | RSI Value | Signal |
|---|---|---|
| 1H | 53 | NEUTRAL |
| 4H | 45 | NEUTRAL |
| 1D | 33 | NEUTRAL |
Want to understand the Moving Average Convergence Divergence (MACD)? Read here.
| Timeframe | Status |
|---|---|
| 1H | BULLISH |
| 4H | BEARISH |
| 1D | BEARISH |
Overall, Bitcoin had a bearish week as sellers remained in control and risk sentiment deteriorated. Continued (though slowing) ETF outflows combined with tech rotation and macro headwinds have led investors to adopt a more cautious approach.
Staying updated on these evolving factors doesn’t have to be complicated—our Twitter Page delivers clear, timely insights and real-time alerts to help you navigate the crypto market confidently and effectively.
3 simple steps:
1. Find support & resistance levels on your chart
2. Check RSI & MACD for direction (bullish or bearish)
3. Make a trade: Bullish setup = Buy near support
–Bearish setup = Sell near resistance
–Neutral setup = Wait for confirmation
Always use a stop loss to protect your money if trade goes wrong.
Support = Price level where Bitcoin bounces UP (buyers step in)
Resistance = Price level where Bitcoin bounces DOWN (sellers step in)
Example:
-If Bitcoin keeps bouncing at $44,000, that’s support
-If Bitcoin keeps dropping at $45,000, that’s resistance
Traders buy near support and sell near resistance.
RSI is an indicator that measures how fast and how much the price of Bitcoin changes. It’s scored from 0 to 100.
–Above 70 = Bitcoin is overbought (price might drop soon)
–Below 30 = Bitcoin is oversold (price might go up soon)
–30-70 = Normal trading range
Simple analogy: Think of RSI as a fuel tank. Full tank (70+) = time to slow down. Empty tank (<30) = time to fill up.
MACD is a trend-following indicator that shows if Bitcoin momentum is bullish or bearish.
–MACD above signal line = Price likely going UP (Bullish)
–MACD below signal line = Price likely going DOWN (Bearish)
–Expanding bars = Momentum getting stronger
–Shrinking bars = Momentum getting weaker
Simple analogy: MACD is like a traffic light. Green light = go long, Red light = go short.
Anupam has over 3 years of experience in the crypto industry, having worked with top indian crypto exchanges. He writes about Bitcoin, altcoins, AI, and emerging tech, helping readers understand what’s driving markets and where the digital asset ecosystem is headed.
