{"id":1390,"date":"2026-06-08T15:41:07","date_gmt":"2026-06-08T15:41:07","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1390"},"modified":"2026-06-08T15:41:07","modified_gmt":"2026-06-08T15:41:07","slug":"mapping-the-market-bitcoin-teetering-on-brink-of-further-losses","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1390","title":{"rendered":"Mapping the Market: Bitcoin teetering on brink of further losses"},"content":{"rendered":"
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NEW YORK, June 8 (Reuters) – Bitcoin has lost half its value since hitting an all-time high in October, and the cryptocurrency’s tailspin could deepen if it falls convincingly through \u200bimportant levels it has been circling in recent days.<\/div>\n
Bitcoin’s troubles have coincided with \u200cincreased market exuberance over AI stocks and a series of glittering upcoming listings such as SpaceX that have lured capital away from the world’s largest cryptocurrency.<\/div>\n
The losses have left bitcoin hovering near $60,000, what technical \u200banalysts consider a “psychological level” \u2014 a big round number that leads traders to pause before \u200bcrossing. Falling through psychological levels can lead to intensified selling. But tests \u2060of such levels can also attract bargain hunters attempting to time the next upswing.<\/div>\n
This \u200bis what happened in February, when bitcoin fell to $60,008.52. Buyers jumped in, producing what turned \u200bout to be a dead-cat bounce, a mild and temporary recovery from prolonged selling.<\/div>\n
The significance of the $60,000 level will be enhanced by the support it provided in February and its proximity to the 200-week moving \u200baverage, which is at $61,778. However, the failure of its recovery attempts in recent months \u200bwill also bolster sentiment among bears convinced that $60,000 will eventually fall.<\/div>\n
If bitcoin falls through there convincingly \u2014 trading \u200cbelow $60,000 for \u2060three days, for example, with lower lows and highs \u2014 traders are likely to start targeting the next psychological level, $50,000. That level coincides roughly with bitcoin’s low for August 2024, around $49,445, according to data supplied by LSEG, bolstering its importance as a goal for sellers as \u200bwell as a potential \u200bpoint of support.<\/div>\n
To \u2060turn bitcoin sentiment positive, any attempt at recovery will need to surpass the 30-day moving average at $75,685 and the 200-day moving average at $78,840. \u200bTraders use moving averages to strip out price extremes and gain \u200ba clearer \u2060view of a trend. Bitcoin’s last attempted recovery stopped at the 200-day moving average in May.<\/div>\n
What the chart shows:<\/div>\n
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