The price bitcoin is trading lower on the day back below the $60,000 level in reaching a low level of $58,076. That got within $41 of its low price from June 25 at $58,035. The low from June 25 was a lowest level going all way back to September 2024.
So far, the buyers are leaning and have push the price back up to $58,346 currently. Coming off of a low is a natural reaction. However, if the buyers are to take more control, they need to get above some key technical levels.
The first would come at the 100 hour moving average at $59,849. That would not to be followed by a break back above its falling 200 hour moving average (green line) at $60,814. If the price cannot get and stay above those MA levels, the buyers are not winning,’and the sellers are more in control.
On a break of the $58,035 level, the next downside target would be the swing low from September 17, 2024. That level comes in at $57,627. Moving below that level, and the door opens with the September 2024 low price coming in at $52,546 as a next major target.