Bitcoin fell below the $60,000 level for the first time since early February, extending to a low of $59,743 and reaching its weakest level since October 2024. The break lower increased bearish momentum, but buyers stepped in near the lows, helping to push the price back above the $60,000 threshold. Bitcoin is currently trading around $60,834.
The rebound is encouraging for buyers, but the technical damage from the move to a new multi-month low remains. On the topside, the next key resistance area comes in near $65,000, a level that served as an important swing low on March 28. A move back above that area would be needed to improve the broader technical outlook and give buyers more control in the short term.
On a side note, Michael Saylor company Strategy (formerly Microstrategy) which is a equity proxy for bitcoin, is testing a support area between $116.49 and $101.39. The low price today has reached $115.87. It is currently trading at $118.53 down -8.4% on the day.
Moving into the lower floor area and below it would make the technical picture even more bearish. On the top side it would take a move back above the 100 hour moving average at $148.50. Absent that, and the sellers are still in more control.
Meanwhile stocks continue to sink despite the fall in oil prices. The NASDAQ index is now down -2.66%. The S&P index is down -1.64%.
For the NASDAQ, is looking to test a key support cluster support on the hourly chart near the 26,048 area. That level corresponds with the
- 200 hour moving average, the
- 38.2% retracement of the move up from the April 22/23 lows, and a
- swing level.
Moving below that level would have traders next targeting the 50% midpoint and swing level near 25,694.60. The low price today has reached 26,103.91 which is still shy of the aforementioned level near 26,048.
