Bitcoin leaves its support areas in play as the leading digital coin failed to rise past the $58,000 level. Bitcoin bulls have to step up to crack the $58,000 hurdle to alleviate the bloodbath.
BTC’s Morning Sessions
While writing these updates, Bitcoin hovered around $56,160 after a 1.88% drop. Early price actions on Thursday have BTC rising towards $57,391 before plummeting to $55,842 later morning low. The failure to conquer the first crucial resistance zone at $58,695 saw Bitcoin declining towards the initial critical support at $56,145. However, the top-ranking coin avoided the sub-$55,000 mark, securing footing to visit $57,200 before dipping into the red region once more.
BTC Afternoon Ahead
Bitcoin has to rise beyond the pivot at $57,600 to explore its first massive resistance area at $58,695. Meanwhile, the cryptocurrency might depend on the broad market movements to crack $58,500. Excluding extended rallies will have the initial resistance limiting upside movements.
If the broad crypto market witnesses a massive rally, BTC may test the 2nd crucial resistance near $60,150. However, BTC requires lots of support to overcome Wednesday’s peak at $59,055. Failure to surge past the pivot mark at $57,600 will mean dropping to the support at $56,145. Nevertheless, excluding extended losses during the afternoon may help Bitcoin avoid the sub-$55,000 zone away. The 2nd massive support at $55,050 will limit further declines.
Besides the critical resistance and support levels, the 50 Exponential Moving Average narrows on the 200 Exponential Moving Average. The 100EMA swayed away from the 200EMA, adding more downside pressure.
If the 50 EMA makes a bearish cross through the 200EMA and 100EMA throughout the afternoon, Bitcoin will explore the support levels at $56,000. Meanwhile, bulls need a move above today’s pivot level and revisit $58,500 to alleviate sell-off chances.
Nevertheless, bears appear to tighten the grip as Bitcoin’s attempt to rally upwards encounters many obstacles. Keep in mind that Bitcoin has faced downtrends since attaining its record high near $69,000 weeks ago. For now, market players anticipate a move past the psychological level at $60K for a bullish revival.
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