Bitcoin’s fear and greed index neutrally stands at 55 after weeks of decline. It just lost grip again and fell into the $61k range, looking poise for a massive sell-offs. This crucial support line may pose a threat.

Bitcoin’s daily outlook is getting uglier by the day following a steady correction in the past weeks. This correction has led to a slight weakness in buying and the bears are now taking advantage of it.

It posted a huge loss today and is now trading in the $61,000 range following a 15% correction over the past three weeks. It is almost testing the long ascending trendline, serving as support since the price broke above $50,000 in February.

Breaking below the support line might cause a huge rollback to May’s low. future. Losing this low could trigger a liquidity sweep (inducement) to the $53,000 level before reversing the trend. Such a breakdown should confirm a double-top pattern signal from $72,000.

On the other hand, a rejection at this support line could activate a bounce capable of bringing the bulls back into action in the near term.

Nevertheless, it is important to note that Bitcoin is still looking very bullish on the macro level. The ongoing bearish correction is healthy for the market to produce a stronger rally, which is expected to occur when it finds a firm threshold.

The main support level for drops is $60,200. A dip below the $60,000 level might bring us to the $58,000 and $56,552 supports (May’s low) before deciding on where next to head.

Currently, the $63,450 level is held as resistance. A bounce above this level could bring an increase to the $65,500 and $67,000 resistance. The monthly high remains a key breakout level for a massive rally.

Key Resistance Levels: $63,450, $65,500, $67,000

Key Support Levels: $60,200, $58,000, $56,552

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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