Bitcoin is a dipping below the $61,000 level and works quickly toward $60,000

The price of bitcoin is trading to a new low and in the process has moved below the $61,000 level.

It is also moving further away from the near converged 100 and 200-day moving averages (blue and green lines on the chart above) which come in at $63,478 and $63,712. The current price is trading down to $60,100 just above the natural support at $60,000.

Technically, the buyers and their shot on the break of both those daily moving averages last week and into this week. The inability to extend higher – and the failure on a break – has turned the buyers into sellers.

In addition to the natural support at $60,000, a break below that level would have traders targeting the 38.2% retracement of the move up from the September 2023 low to the high price reached in March 2024. That retracement level comes in at $55,124, and represents a key longer-term target on further momentum to the downside.

This article was written by Greg Michalowski at www.forexlive.com.