Bitcoin Price Prediction: BTC Hits $60,500 in Descending Channel, Potential Sell-Off Looms

Arslan Butt

Last updated:

| 2 min read

Bitcoin price prediction

Amid fluctuating market conditions, Bitcoin‘s price has dipped to $60,547, signaling a 1.74% decrease in the last 24 hours. This movement underpins ongoing volatility as traders and analysts closely monitor trends to update their Bitcoin price prediction.

Despite this recent downturn, Bitcoin continues to dominate the crypto market with a robust trading volume of $40.55 billion and a market capitalization nearing $1.19 trillion.

Bitcoin Price Prediction

The technical analysis for Bitcoin (BTC/USD) shows it navigating through a challenging phase. The pivot point for today’s session is at $62,216, a level that Bitcoin struggles to reclaim. Immediate resistance lies significantly higher at $64,606, with further barriers at $67,695 and $70,959 suggesting a steep climb for any potential recovery.

Conversely, support levels are established at $59,418, and if this fails, the next cushions are at $56,271 and $53,182.

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