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’s company Strategy (formerly MicroStrategy), which serves as an equity proxy for Bitcoin, is testing a support area between $116.49 and $101.39. The low price today reached $115.87, and the stock 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 topside, it would take a move back above the 100-hour moving average at $148.50. Absent that, sellers remain in control.
Stocks Also Under Pressure
Meanwhile, stocks continue to sink despite the fall in oil prices. The NASDAQ is now down 2.66% and the S&P 500 is down 1.64%.
The NASDAQ is looking to test a key support cluster on the hourly chart near the 26,048 area. That level corresponds with the:
- 200-hour moving average
- 38.2% retracement of the move up from the April 22/23 lows
- A key 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 reached 26,103.91, which remains just shy of the aforementioned support level near 26,048.
