Cryptocurrencies are deepening ongoing pullback today, with downward move accelerating in the afternoon. There were no crypto-specific news released and the pullback in Bitcoin and other coins coincided with a pullback in risk assets overall. Bitcoin is down over 17% off an all-time high reached in mid-March 2024 and dropped to the lowest level in more than a month today.
Taking a look at BITCOIN chart at H4 interval, we can see that the coin has been trading largely sideways since the beginning of March 2024. Record highs were reached above $73,000 mark on March 14, 2024, but price has traded largely sideways in the $60,000-72,500 range since. An ongoing pullback in risk assets, including cryptocurrencies, pushed BITCOIN to the lower limit of the trading range. The most famous cryptocurrency briefly traded below $60,000 mark for the first time since March 5, 2024. Apart from psychological nature, the $60,000 area is also marked with 38.2% retracement of the upward impulse launched in late-January 2024.
Should we see a break below this hurdle, a deeper downward move may follow. A textbook target of the downside breakout from the ongoing range suggests a possibility of a drop to as low as $47,500 - a level not seen since the first half of February. However, bears failed to push the coin below $60,000 during the first attempt today and BITCOIN has bounced off the area slightly.
Source: xStation5
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