Bitcoin may drop below $60,000 with support at $58,000, facing bearish pressure

From Investing.com

Date: October 11, 2024
Time: 8:00 AM:

Bitcoin is facing a potential drop below $60,000 as traders monitor buy orders near $58,000 for support. The ongoing bearish pressure is casting doubt on Bitcoin’s ability to surpass this critical level, with prices currently stuck in a downward channel around $60,000.

A bounce may occur near $58,000 if Bitcoin fails to hold above this level, but further declines towards $56,000 are possible. Recovery above $62,000-$63,000 is needed for a bullish trend, signaling the potential for a push towards $65,000.

Market sentiment indicates a lack of bullish momentum, with many traders opting to sell rather than accumulate, leading to doubts about a potential “Uptober” for Bitcoin.

Read more at Investing.com: Goodbye $60,000 Bitcoin? Traders Bracing for $58,000 Drop By U.Today