The Crypto Correction Has Just Intensified: Bitcoin (BTC) Price Tumbles Close to $60,000

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Written By Pinang Driod

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The global factors appear to have highly impacted the traditional financial markets along with cryptos, as the major tokens are facing extreme upward pressure. The war-like situation between Israel and Iran has created immense fear within the market. As a result, the fear and greed index, which had soared above 90, has now dropped to 60. However, it remains within the bullish range, which may slip if the Bitcoin (BTC) price reaches the crucial support close to $58,000. 

Ever since the BTC price formed yearly lows close to $60,000, market sentiments have been fluttering from being neutral to slightly bearish, while not completely bullish. This has caused the price to trade below the support-turned-to-resistance levels, forming another lower low. With the recent drawback, the price has landed at one of the crucial support levels, which may not be defended if bulls display weakness. 

The BTC price is breaking down the crucial ascending trend line, which has been acting as a major support since the start of March. With this, the token may validate the growing strength among the bears, who may eventually drag the levels close to $58,000 in the coming days. However, the possibility of a bullish rebound remains pretty high, but only after closing the day’s trade on a bearish note. 

The markets have remained stuck within a deep bearish influence since the beginning of the month, which has prevented the bulls from initiating a fresh upswing. Besides, the traditional markets could remain indecisive as the FED chair is turning hawkish and retail greed has increased, longing for every dip with high leverage. Despite the recent corrections, the funding rate was still positive, indicating the market is greedy. 

Therefore, it can be said that unless and until there is a full reset or even negative funding for some time, the markets could keep trading sideways or downwards.

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