Bitcoin: No more support levels left – What lies below $59.4K?

For the fourth time since late February, Bitcoin prices approached the support zone at $60k. The technical indicators suggested that the bulls might not succeed in holding on this time.The buyers have tenaciously held on to the $59.2k-$61k zone in the past seven weeks. During this time, the OBV had formed a support, marked in orange.This was an early signal that prices were likely to drop lower and that the $60k support zone might not be defended this time.

Beneath the $59.4k Fibonacci support level, $55.5k and $50.5k are the next higher timeframe areas of interest. Therefore, if we see a slump below $60k this week, investors and traders should be prepared for further losses.With that said, there was a $342 million liquidation cluster at $59.4k. Its confluence with the Fib level meant that a move to the $59k level to sweep these long liquidation levels was likely.Thereafter, Bitcoin prices might surge higher to collect the liquidity to the north. However, we have seen that the selling pressure was intense.

A bounce from $59.4k was not a guarantee in these conditions, despite the lopsided cumulative liq levels delta. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

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