The price of bitcoin has moved below the 38.2% retracement of the 2024 trading range at $60,314 and has also moved below the $60,000 level for the first time since March 5. The low price has reached $59,672. The low price from March 5 came in at $59,313. That is the next target on the downside.

Looking at the daily chart, the 100-day moving average currently comes in at $56,618. The 50% midpoint of the 2024 trading range comes in at $56,150. Both of those levels would be targeted if the price can get below the March 5 low at $59,313.

Trades made lean against this swing area. It would take a move back above the swing well from March 20 at $60,760 to give the buyers a little more confidence

This article was written by Greg Michalowski at www.forexlive.com.