[Fun time again] Bitcoin will break the $60000 support

[Oshosondy]

I was going through the bitcoin chart yesterday, I expected bitcoin to bounce back when it first went below $60000 yesterday, my assumption was very right as bitcoin went back above $61000. When bitcoin wanted to get below $60000 the second time, I saw it but I was wrong that bitcoin might make the $60000 a resistance instead of support, bitcoin bounced back. But it has happened again 5 hours ago, bitcoin went less than $60000 but it bounced back which is the third time. I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

[Joy_learns_crypto]

I was going through the bitcoin chart yesterday, I expected bitcoin to bounce back when it first went below $60000 yesterday, my assumption was very right as bitcoin went back above $61000. When bitcoin wanted to get below $60000 the second time, I saw it but I was wrong that bitcoin might make the $60000 a resistance instead of support, bitcoin bounced back. But it has happened again 5 hours ago, bitcoin went less than $60000 but it bounced back which is the third time. I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

No $60000 will not be the support for bitcoin, I think bitcoin will break down the $60000 floor, I saw some lady predict that bitcoin may get to $15,000 but she is just another trading influencer wanting attention, for me bitcoin will not break Down as low as $15000.
$60,000 will also not be the resistance price but in all it’s all fun to those who will sell out you will later buy it at a higher price.

[GreatArkansas]

I was going through the bitcoin chart yesterday, I expected bitcoin to bounce back when it first went below $60000 yesterday, my assumption was very right as bitcoin went back above $61000. When bitcoin wanted to get below $60000 the second time, I saw it but I was wrong that bitcoin might make the $60000 a resistance instead of support, bitcoin bounced back. But it has happened again 5 hours ago, bitcoin went less than $60000 but it bounced back which is the third time. I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

No $60000 will not be the support for bitcoin, I think bitcoin will break down the $60000 floor, I saw some lady predict that bitcoin may get to $15,000 but she is just another trading influencer wanting attention, for me bitcoin will not break Down as low as $15000.
$60,000 will also not be the resistance price but in all it’s all fun to those who will sell out you will later buy it at a higher price.

Nah, Bitcoin on $60,000 is significant support for the entire market since before, but if that is your opinion, I respect and you got a point here, if Bitcoin will close below $60,000 expect more dumps, but $15,000 seems already impossible with the market right now, there are already big players right now in the market like institution heavily invested with Bitcoin.

[STT]

I don't rate 60k by itself, its a round number but beyond that I think the 200 week simple moving average is more important.  So in reaction we can judge the strength of Bitcoin going forward but a moving average isnt support as such even if traders tend to react to its significance locally, its more of a long term indicator.

55.6k is where I'd draw support from the old price action in this area for Bitcoin.   That would be weekly and closing monthly lows across 2024 and probably adds up to bedrock for any easy movement, it'd hit harder ground there.

Target downside for a kind of anchor overboard type move, where it just doesnt stop till the bottom then I'd say 50k aligns with the rough trend from ATH, match the high in each quarter prior.  We can bottom out at that point most likely.    So the area around 50k not 60k is my rough take, first Im most interested in where we are currently.   Also why is the wider market selling and how much negativity is there in that.

[Zaguru12]

Nah, Bitcoin on $60,000 is significant support for the entire market since before, but if that is your opinion, I respect and you got a point here, if Bitcoin will close below $60,000 expect more dumps, but $15,000 seems already impossible with the market right now, there are already big players right now in the market like institution heavily invested with Bitcoin.

Bitcoin has already broken that support of $60k yesterday even if we would call it fake breakout because it bounce back immediately after the breaking it. This wasn’t surprising because we all know that there was a support to actually test below that $60k and it was the $58k support right now I think the sellers action will heavily determine if that support would be tested again and if the market breaks below $60k again I think we will be heading down to the $55k price point.

The $15k is not impossible but definitely improbable at this point because the adoption rate and the volatility of bitcoin is no longer that high that it will be heading down like that. $15k is more than 85% dump from the all time high of $126k, that’s definitely too high of a volatility at this period

[JiiBs]

I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

A price below $60k would create panic and we would find new investors going all out to sell with the idea of cutting loss while expecting further dump towards $50k or even below that so they could buy right back and make some profit from where ever the pump might begin, others wouldn’t get the chance to buy at all even which makes the strong resistance that has continued to build around $60k be a way for the bulls to resist having to create panic in the market and further dumps.

[Aanuoluwatofunmi]

You should not worry about what the market is saying currently because it is still going dip, as we are still in the right season for such, maybe it is a time for us now to be getting our starts ready for investment, when an opportunity like this comes, we are expected of taking advantage of it for our own benefits, because after the Fall of the market comes to rise of the market which is in the bull season.

[Odohu]

I knew that the moment Bitcoin convincingly fall below $70k that $60k was not going to hold price. Although the fight at that $60k is a strong one that is not over yet following persistent rejection at that level, in a matter of time the price will sever that support completely to test lower $50k which I'm projecting to be the low of this bear market. The crash is not over yet, those expecting any rally now should brace up for more surprises because the big boys are not done with their liquidation.

[Dr.Bitcoin_Strange]

The $60k support might not hold, it's only but a matter of today and Monday before we can see what's next for the market, I'm even scared as a traders because I don't want the market to use me a liquidity when it starts pumping because right now, all of my short position has been profitable, however on the 4 hours chart we can see that there have been more than 5 candles rejecting the $60k support level but if we see a solid bearish candle close below the $60k, it means that price will keep pushing down.

[yudi09]

I was going through the bitcoin chart yesterday, I expected bitcoin to bounce back when it first went below $60000 yesterday, my assumption was very right as bitcoin went back above $61000. When bitcoin wanted to get below $60000 the second time, I saw it but I was wrong that bitcoin might make the $60000 a resistance instead of support, bitcoin bounced back. But it has happened again 5 hours ago, bitcoin went less than $60000 but it bounced back which is the third time. I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

The current low is $59,130. Meanwhile, there are only a few hours left in the first week, based on forum time. If, in the coming hours before the start of the second week of June, Bitcoin manages to hold at its current price—trading at $60,000 or above, or at $61,000—it may have a chance to remain above $50,000. That depends heavily on market activity.
Since June has only just begun, it is still possible for Bitcoin to hold above the $60,000 support level or to continue breaking through $60,000—anything is still possible.

[justdimin]

I was going through the bitcoin chart yesterday, I expected bitcoin to bounce back when it first went below $60000 yesterday, my assumption was very right as bitcoin went back above $61000. When bitcoin wanted to get below $60000 the second time, I saw it but I was wrong that bitcoin might make the $60000 a resistance instead of support, bitcoin bounced back. But it has happened again 5 hours ago, bitcoin went less than $60000 but it bounced back which is the third time. I think the bulls are trying not to let bitcoin go below $60000 which brings us to this fun discussion. Will $60000 remain the support or it will later be the resistance?

It already has for a while if I am not wrong, sure it bounced back above but it did go under 60k if I did not see wrong. Anyhow now cheaper bitcoin when it goes under, and there is going to be lower than 60k price for sure, maybe now, maybe tomorrow, maybe in a month, but I ma sure that it is going to happen before November or December. Usually bear market ends in December of bearish year but this time we could expect to be happening earlier than that.

going under 60k would not be a big deal because we will definitely rise back sharply. So, must see this is as an opportunity and opportunities are known to be missing out for most late doers. So, expect fortune days of investors where if not happening, go with DCA because bottom is almost confirmed.

[goldkingcoiner]

Technically it already broke the 60k support. It seems to have gone down to 59100 on Bitstamp. The question will be if it will break it again? I am going to vote no because that is what I am hoping for. If we go below 60K again I think we will not see 100K for at least until 2027. Which is quite a sad though in itself.

Although it does look like we are headed towards 50K maybe even 40K in the long term...

[mindrust]

It needs to get a lot cheaper before it gets a lot more expensive. That's how bitcoin has been performing for years. First they need to bankrupt most miners and weak hands, then the real holders will increase their stash size and hashpower, then we will see a ATH way beyond the last one. Possible $500k+. If you can't stomach that volatility, leave immediately. If you stay patient, you'll get rewarded handsomely.

[Don Pedro Dinero]

Will $60000 remain the support or it will later be the resistance?

The price has now bounced back slightly and is sitting at $62,000, but I think it’s just a dead cat bounce and that we’re going to see new lows this year – most likely this month.

Technically it already broke the 60k support. It seems to have gone down to 59100 on Bitstamp.

I don’t usually pay much attention to round numbers. Support and resistance levels usually form around them, but that doesn’t mean they’re exact. If strong support forms, we could see further downward movements to that price, only to bounce back immediately.

[rbynxx]

It needs to get a lot cheaper before it gets a lot more expensive. That's how bitcoin has been performing for years. First they need to bankrupt most miners and weak hands, then the real holders will increase their stash size and hashpower, then we will see a ATH way beyond the last one. Possible $500k+. If you can't stomach that volatility, leave immediately. If you stay patient, you'll get rewarded handsomely.

First time bear market? hahaha

I do agree with you on that, people still doubt crypto and I think we will get to a phase wherein it will prove doubters once again that they are wrong. We will even get to that McAfee prediction but not right now but it will. I'm into altcoins right now that will perform great and then rotate those to bitcoin. It's the best hedge for the future.

[Oshosondy]

The price has now bounced back slightly and is sitting at $62,000, but I think it’s just a dead cat bounce and that we’re going to see new lows this year – most likely this month.

I have been thinking yesterday night that the price might bounced back up a little, this morning the price was bounced back. It is indicating that bitcoin price support at $60000 is very strong which is what we are expecting. But bitcoin may need to bounce up a little further because if the below $60000 is getting retested, it may later turn to a resistance.

[Darker45]

So far, it has proven to be a strong support. But I'm afraid it will break sooner or later if it's constantly retested. The buy pressure at that level might soon get drained and it will turn into a hard resistance to break. For three times within a relatively short period it has stood its ground.

It's a good thing that it's given a break right now. It might replenish its strength since we're at a comfortable distance as of the moment at $62,500. And considering that Monday is coming, Saylor might help push the price further away from it.

[GreatArkansas]

Nah, Bitcoin on $60,000 is significant support for the entire market since before, but if that is your opinion, I respect and you got a point here, if Bitcoin will close below $60,000 expect more dumps, but $15,000 seems already impossible with the market right now, there are already big players right now in the market like institution heavily invested with Bitcoin.

Bitcoin has already broken that support of $60k yesterday even if we would call it fake breakout because it bounce back immediately after the breaking it. This wasn’t surprising because we all know that there was a support to actually test below that $60k and it was the $58k support right now I think the sellers action will heavily determine if that support would be tested again and if the market breaks below $60k again I think we will be heading down to the $55k price point.

The $15k is not impossible but definitely improbable at this point because the adoption rate and the volatility of bitcoin is no longer that high that it will be heading down like that. $15k is more than 85% dump from the all time high of $126k, that’s definitely too high of a volatility at this period

I want to see higher timeframe candles to close below $60,000. Like daily or higher timeframe candles, before I will be convinced. That drop below $60,000 is like a wick, for sure it's triggered by stoplosses of most traders right now, as we all know, this level is significant since before.

[mindrust]

It needs to get a lot cheaper before it gets a lot more expensive. That's how bitcoin has been performing for years. First they need to bankrupt most miners and weak hands, then the real holders will increase their stash size and hashpower, then we will see a ATH way beyond the last one. Possible $500k+. If you can't stomach that volatility, leave immediately. If you stay patient, you'll get rewarded handsomely.

First time bear market? hahaha

I do agree with you on that, people still doubt crypto and I think we will get to a phase wherein it will prove doubters once again that they are wrong. We will even get to that McAfee prediction but not right now but it will. I'm into altcoins right now that will perform great and then rotate those to bitcoin. It's the best hedge for the future.

I hope it works well for you but altcoins are the last place I would want to be in right now as most of them are literally garbage and even the non-garbage ones are getting priced like they are nothing and they very well might be nothing btw. At least btc has a real infrastructure and real people using it to purchase goods and services...

Which alts do you hodl may I ask? It has been catastrophic for alts lately.

[SamReomo]

Will $60000 remain the support or it will later be the resistance?

Well, as of this time we can still consider that $60k as support level but if Bitcoin breaks it and falls below $57k then its no longer a support level but could be resistance level if Bitcoin even falls below $55k. However, from the current market conditions we can't say much about it because anything can happen. Let's say if Bitcoin falls below $55k then it won't be hard for it to go further down, however it will be tough for it to cross $70k, and now since we're in bearish market, I don't think that super cycle is going to take place either.