Bitcoin price is still below the crucial level of $60,000 as fear remains the key emotion driving the crypto market. The crypto fear & greed index has a reading of 40 compared to the previous session’s 33. While the level of fear in the crypto market has eased, the aforementioned support-tun-resistance zone may remain evasive in the short term.
Notably, the trend observed in BTC price movements is similar to that of various altcoins. For instance, Ripple price is finding resistance at the psychological $1.0000 while Ethereum Classic is still below $50.
Bitcoin price prediction
After bouncing back above the psychological level of 55,000 in the previous session, BTC is trading within a tight range. The horizontal channel’s upper and lower borders are at Monday’s high of 59.020.77 and the 50-day EMA at 56,790.31.
At the time of writing, Bitcoin price was down by 0.93% at 57,297.88. At its current level, it is trading slightly above the 25 and 50-day EMAs.
The bulls are eyeing the crucial support-turn-resistance level of 60,000, which would signal a trend reversal. However, in the immediate term, that level may remain evasive amid the prevailing risk-off sentiment.
Bitcoin price will likely trade within the aforementioned horizontal channel as the bulls gather enough momentum to retest the resistance at 60,000. If successful, the next target may be at 63,558.00. On the flip side, a move below the 25-day EMA at 56,462.15 may have the bears retesting the support around 55,000.