Bitcoin Slips Below $60,000 Amid Profit-Taking & Fed Uncertainty

28 OgoBitcoin Price Slides Below $60,000 Amid Profit-Taking and Fed Concerns
Bitcoin's price fell below $60,000 on Wednesday, dropping 4.8% to $59,105 over the past 24 hours. The decline comes as optimism about Federal Reserve interest-rate cuts faded, causing the cryptocurrency to lose momentum. Over the past three months, Bitcoin has slipped 12% and is now trading 20% below its record high of nearly $74,000, reached in March.

The exact cause of the recent drop is unclear, but it may be partly due to traders taking profits following Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. Bitcoin initially surged after Powell’s remarks but has since erased all the gains made in the wake of his comments.

Current Outlook:
Bitcoin is expected to consolidate between $56,888 and $62,400 until a breakout occurs.

• If Bitcoin remains above $62,400, it could trend towards $64,900. Stability above $64,900 would confirm a bullish trend, targeting $70,000.
  
  
• However, if Bitcoin stabilizes below $59,950, it may drop towards $56,888. A 4-hour candle close below this level would confirm a downtrend towards $52,800.
  
  Key Levels:
  Pivot Line: $59,950
  Resistance: $62,410, $64,900, $70,000
  Support: $56,888, $52,800, $49,460
  
  Expected Range: Bitcoin is expected to move between $52,790 and $64,910.