Bitcoin price under pressure: will support break definitively?

The Bitcoin price is under significant pressure. At the time of writing, Bitcoin is trading around $59.900, a drop of 1.4% over the past 24 hours. Analyst rektcapital points to a technically worrying pattern: Bitcoin is about to close below a crucial support zone for the fourth consecutive day.

Bitcoin is available at OKX and Bybit.

Support Turns into Resistance

From rektcapital’s chart, it is clearly visible that Bitcoin has been struggling for several days with a red support zone around $61.000 to $62.000. That zone is increasingly functioning as resistance rather than a floor. Technically, this is a worrying sign: when former support turns into resistance, it is referred to as a confirmed downward breakout.

According to rektcapital, such a confirmation could pave the way for further price declines. Yet he advises against jumping to conclusions too quickly. Three important closes are approaching: the weekly candle, the monthly candle and the quarterly candle all close in the short term. Those closures can provide additional context about the true strength of this move.

June Monthly Close Is Decisive

What rektcapital finds most relevant is the monthly close of June. The level at which Bitcoin closes this month will determine the starting point of any potential recovery move in July. A low close means a possible rally in July would start from a weaker base, while a close near the support zone offers more hope for a swift recovery.

For traders and investors, the key is to be patient and await the upcoming closes. The situation is technically tense, but the definitive confirmation of a breakdown is not yet in place. Anyone looking to buy Bitcoin would do well to keep a close eye on the market in the coming days.