Bitcoin price fell below the 38.2% retracement of the 2024 trading range at $60,314 and also fell below the $60,000 level for the first time since March 5. The lowest price reached $59,672. The low price on March 5 stood at $59,313. This is the next downside target.
Looking at the daily chart, the 100-day moving average currently stands at $56,618. The 50% midpoint of the 2024 trading range stands at $56,150. Both of these levels would be targeted if the price could drop below the March 5 low at $59,313.
Trades rely on this swing zone. It would take a return above the March 20 swing at $60,760 to give buyers a little more confidence.
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