Bitcoin price drops to $60,000, facing resistance at $66,000, $58,000 support crucial for market direction.

From Investing.com

October 10, 2024 12:30 PM:

Adam Back, CEO of Blockstream and contributor of the white paper cited by Satoshi Nakamoto, addresses the current state of the crypto market. Bitcoin drops over 2% in 24 hours to $60,000. Breaking above $66,000 for a new high in “Uptober” seems increasingly challenging. A retest of $58,000 is crucial for further action.

The $58,000 level now serves as a key support zone, deciding the market’s next move. Falling below could lead Bitcoin to $52,000, the lowest since August. Adam Back suggests a bounce, but a double bottom scenario could require more cash on hand. Market participants are urged to prepare for all scenarios.

Read more at Investing.com: Satoshi Ally Adam Back Reveals What He Needs From Bitcoin Price By U.Today