The world’s largest cryptocurrency Bitcoin, After falling below the $60,000 level for the first time since May 3, it crossed the $60,000 mark once again this week.

Despite this rally, chartists see no buy signals and suggest that Bitcoin could be heading for another “damaging” decline at current levels. “The moderation since March continues and trading can be considered subdued below the $66,000 resistance,” Oppenheimer analyst Ari Wald said, referring to BTC’s 50-day moving average.

Bitcoin has been stuck in a tight range between $60,000 and $70,000 since mid-March, when it reached a new all-time high. Current market conditions are characterized by a lack of short-term catalysts, low demand for Bitcoin ETFs, and miners selling their Bitcoin holdings.

Wald added that if Bitcoin fails to hold $57,000, $49,000 would be the next significant downside level. David Keller, chief market strategist at, echoed that sentiment, suggesting that Bitcoin’s next level is around $58,000, with the potential drop to $50,000 to $52,000.

Keller noted that buyers typically come in around $60,000, and since BTC often finds support in large, round figures, it’s reasonable to expect Bitcoin’s price to rally once again. Tom Fitzpatrick of RJ O’Brien has identified major Bitcoin support at $56,527 and a potential double-top neckline, a bearish M-shaped chart formation consisting of two peaks on either side of a moderate decline.

“Below here would indicate another decline of at least 22%, with the possibility of as much as 29%,” Fitzpatrick said in a note to investors. However, Wald emphasized the strength of the current $57,500 support level and the 200-day moving average. “The double top isn’t complete until the neckline is breached,” he said. Until then, “I’m always with the trend, so I’m assuming the rising 200-day average holds. “The upward movement in the NASDAQ-100 also shows that risk tolerance remains positive.” said.

*This is not investment advice.

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