Bitcoin Prediction: BTC Dips Below $60K, Is the Rally Over?

Bitcoin trades below $60,000, hitting a two-month low

• #Bitcoin ($BTC) faces significant selling pressure just ahead of the #FOMC meeting.

• Chanpeng Zhao sentenced to four months in prison; $BTC and other altcoins experience a massive drop in price.

• $95 million in long liquidations exacerbate the situation, with BTC failing to sustain its support at $60,000.

• A 5% drop overnight leads to a substantial bearish candle breaking below the support zone.

• The bearish candle invalidates the bullish flag pattern, indicating a possible reversal towards the downside.

• #Bitcoin is currently testing the pivotal Moving Average 100 level on its daily chart, marking another critical juncture.

• BTC trades below $60,000, signaling potential bearish momentum, especially with a daily close below this support zone.

• The failed bullish flag pattern suggests BTC may drop further below $60,000, potentially experiencing an 8-10% correction to $55,000 before any recovery.

• According to Coin Gabbar analysis, However, a reversal rally could push BTC towards $65,000 if short-term FUD dissipates in the market.

KEY LEVELS :

RESISTANCE LEVEL : $61,000-$62,200

SUPPORT LEVEL : $58,500-$57,000

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