Bitcoin (BTC) Price Analysis: Important Support and Resistance Levels

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Following last week’s withdrawal Bitcoin, which posted a bearish morning session performance. Bitcoin is trading at $57,000, down over 2% in the last 24-hour time frame.

Critical Levels That Need to be Monitored in Bitcoin

Who has a choppy start to the day Bitcoin, it recorded a pullback extending to $56,000 after the $60,000 level was seen. BTC, which fell below the 59.626 dollar, the first major resistance level, succumbed to sales rates in this region. However, the leading crypto currency Bitcoin held on to the third largest support level at $56.221 and climbed back to $57.000.

The biggest obstacle to the flagship will be the 59.626 dollar zone with the passage of the 59.115 dollar pivot zone. Bitcointhe fact that the broke the second and first main support levels caused significant movements in the wider sunday. The passing of the 59.626 dollar in the upward movement of the leading Bitcoin will open up space for testing the 60.562 dollar.

In order for the positive scenario to come to life, it is very important to maintain the $ 56,000 level. In case of a possible sales pressure BTC sequences can follow, the price of which hangs below $ 55,000. We have seen that the 50 EMA zone, beyond the support and resistance levels, is located further behind the 100 and 200 EMA. In addition, the withdrawal of the EMA from 200 to 100 ensured further downward pressure.

Experts Expect Positive

However, considering the market situation, Bitcoin Fear and Greed Index, it exited the red zone and ascended to the neutral zone. At this point, investors’ aversion to FUD can be seen as a key indicator. According to expert comments, BTC’s $90,000 journey continues.

Bitcoin, the flagship of the cryptocurrency market, is trading at $57,288 as of the time of this writing.

Disclaimer Of Liability: The information contained in this article absolutely does not contain investment advice. Investors should be aware that crypto currencies have high volatility and therefore risk, and should conduct their transactions in accordance with their own research.
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