BTC price targets stayed bearish with a zone of interest below $50,000 as macro assets saw increasing downside pressure at the Wall Street open.
Bitcoin (BTC) fell toward $60,000 around Tuesday’s Wall Street open as traders issued fresh macro low targets.
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Bitcoin joins stocks and gold in US session slump
Data from TradingView tracked another grim day for Bitcoin bulls, with BTC price downside nearing 3% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Failure to reclaim support increasingly placed a long-term trend line at risk of becoming resistance — a classic bear market signal. As Cointelegraph reported, the 200-week simple (SMA) and exponential (EMA) moving averages now enclose the local trading range.
“Bitcoin has Weekly Closed below the 200-week EMA (black),” trader and analyst Rekt Capital wrote in an X post on the topic on Monday.
“This technically means that the EMA has been lost as support and that price could turn it into resistance on any upcoming recovery. Historically across cycles, whenever Bitcoin performed a Weekly Close below the 200-week EMA followed by a bearish retest, it would prompt additional Bearish Acceleration to the downside.” BTC/USD one-week chart with 200SMA, 200EMA. Source: Cointelegraph/TradingView
Trader Jelle had no illusions about Bitcoin’s direction or its nearest round number target.
“Trend remains clear; lower. $60,000 wick in sight,” he summarized.
“Take it out, and we can talk relief rally. Until then, the slow bleed continues.” BTC/USD four-hour chart. Source: Jelle/X
Crypto was not alone in lackluster performance on the day. Gold also fell into the US trading session, down 2% at the time of writing at $5,140.
XAU/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks also headed lower at the open, still under pressure from geopolitical tensions focused on Iran, as well as…
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