Bitcoin Risks Slide Toward $60,000 as Rebound Loses Momentum
Bitcoin (BTC) traded down 2.13% to around $81,900 as its recent price rebound showed signs of slowing down. Recent price action highlights a lack of buying momentum when compared with past bullish breakout candles.
Market analyst Aksel Kibar, a former strategist at National Bank of Abu Dhabi, noted that failure to sustain upward movement increases technical downside risks. Without strong momentum, the cryptocurrency could re-enter a liquidity-heavy zone.
Market participants are monitoring the $82,800 level closely. If Bitcoin cannot reclaim and clear this critical support mark, it risks extending losses toward the $60,000 price point.
Key points
- Bitcoin fell 2.13% today to around $81,900 as upward price momentum slowed.
- Analyst Aksel Kibar cautioned that recent price action lacks the strength of past bullish breakouts.
- Bitcoin needs to recover the $82,800 support level to stabilize price action.
- A failure to hold support could re-open room for a decline toward $60,000.
Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org
How we writeDisclaimerQuestions and answers
Why is Bitcoin price momentum weakening?
Bitcoin is struggling to sustain its rebound, displaying less upward momentum than seen during prior bullish breakout candles.
What support level is critical for Bitcoin?
Bitcoin must reclaim and hold the key support level at $82,800 to reduce downside risk.
How low could Bitcoin fall if support fails?
If Bitcoin fails to reclaim $82,800, it could fall into a liquidity-heavy zone with room to drop as low as $60,000.