Technical Analysis – BTCUSD drops to 6-week low as halving looms
BTCUSD falls temporarily below 60,000 ahead of halving
Momentum indicators point to intensifying downside pressures
BTCUSD (Bitcoin) experienced a strong pullback following the formation of a triple top pattern, sliding below its 50-day simple moving average (SMA). Meanwhile, the price dropped to a fresh six-week low a tad beneath the 60,000 psychological mark, just a couple of days ahead of the crucial halving event.
Given that the momentum indicators are heavily tilted to the downside, Bitcoin could revisit its March bottom of 59,313. In case of a downside violation, there is no prominent support until the February resistance zone of 52,850. Even lower, the February support of 50,600 could prevent further declines.
On the flipside, bullish actions could propel the price towards the April support of 64,500, which could serve as resistance in the future. Conquering that region, the bulls might attack 69,000, a level that acted both as support and resistance in recent months. A break above that region could pave the way for the March resistance of 71,750.
In brief, BTCUSD has fallen towards the lower boundary of its range in place since March after a formation of a triple top pattern. The impending halving event decide the price’s next move.
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