Bitcoin is locked in a fight to maintain its $60,000 support level as traders predict a slide to $53,000. Bearish momentum grows as resistance at $65,000 stalls any potential price recovery.

Bitcoin Faces Decline Amid $60,000 Pressure

Looking at the daily chart for Bitcoin makes it clear that the price is still falling, with lower highs and lower lows. Recent market action that resulted in a higher high has marginally raised the likelihood of an advance.

$60,000 Support Crucial for Bitcoin’s Next Move

Bitcoin must hold $60,000 and break through the $65,000 to $66,000 resistance levels before this upward trend can be confirmed. Despite the lack of evidence, speculators anticipate a return to $70,000 and higher levels if Bitcoin achieves this.

Crypto Quant's creator and CEO, Ki Young Ju, shared Zduńczyk's opinion and proposed $53,000 as a crucial support level.

Whale Activity Signals Key Levels at $53,000 and $72,000

The chief executive officer of CryptoQuant stated Coinbase premium showed large differences at $53K and $72K, with whales buying at $72K and selling at $53K. Meanwhile, whales on global exchanges blocked an ATH breakout and defended $53K.

Along these lines, he says, the near-zero premium may act as support/resistance.

Traders Eye $53,000 as Bitcoin Struggles with $60,000

As the $60,000 psychological level has a significant role in establishing short-term directional bias, the four-hour Bitcoin chart illustrates this. The price of Bitcoin could rise if this important barrier stays in place, but if it breaks, it could fall back to the $53,000 support level.

Bitcoin fell nine percent toward $60,000, a crucial support level, after retesting the resistance level between $63,987 and $65,044, as stated in an earlier CoinGape post. Bitcoin price will resume its rise if it is able to turn the $61,837 resistance level into a support level. The bearish momentum is in charge, though, and a rejection is more probable given that the four-hour RSI is hovering below the 50 mean line.

Bearish Momentum Raises Concerns for Further Declines

It appears that the daily outlook needs to cool down before the bulls can make a comeback since the daily RSI has lately flipped the aforementioned mean level.

Given the current state of the market, it seems improbable that Bitcoin will maintain a price of $60,000 for much longer. When this occurs, the range of $57,201 to $57,970 will serve as the next important support level. Unless sidelined buyers come in, this zone will only be a footing for the time being. Bitcoin may retest $53,191 if purchasing pressure does not increase sharply.