- Bitcoin price loses directional bias as it revisits the $60,000 support floor.
- Ethereum price follows suit and comes close to retesting the $4,000 psychological level.
- Ripple price anticipates a bounce from the $1.01 to $0.96 support area.
Bitcoin price is in a suspended state as it grapples with a crucial psychological level. A make-or-break situation develops for altcoins as Ethereum and Ripple follow suit.
Bitcoin price attempts to reestablish a bias
Bitcoin price has dropped 15% since setting up a new all-time high at $69,000 on November 10. This drop has sliced through the $60,000 psychological level multiple times and is currently exploring the possibility of a further drop. The 1-day demand zone, ranging from $58,100 to $60,331, is the next crucial support that will decide the fate of the big crypto.
A successful bounce will indicate that the recent crash was just an unfortunate turn. In such a scenario, BTC will retest the $63,757 resistance barrier, followed by a move toward the all-time high with hopes of pushing higher to a new one.
Assuming the bullish momentum continues to increase, BTC is likely to head to the 161.8% Fibonacci extension level at $77,525.
BTC/USD 1-day chart
The above bullish narrative assumes that Bitcoin price will bounce off the $58,100 to $60,331 demand zone, however, a breakdown of this level will suggest that BTC could head into a liquidity area, ranging from $52,899 to $56,046.