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.
Meanwhile stocks continue to sink despite the fall in oil prices. The NASDAQ index is now down -2.66%. The S&P index is down -1.64%.
For the NASDAQ, is looking to test a key support cluster support on the hourly chart near the 26,048 area. That level corresponds with the
- 200 hour moving average, the
- 38.2% retracement of the move up from the April 22/23 lows, and a
- swing level.
Moving below that level would have traders next targeting the 50% midpoint and swing level near 25,694.60
