Bitcoin has exhibited very volatile movements in recent days, and although it dropped below $ 61,000 in the morning hours, it recovered somewhat.
At this point, analysts say that Bitcoin price movement indicates that the asset is in a downward trend and warn investors to be careful about high volatility.
Speaking to Coindesk, FxPro's senior market analyst Alex Kuptsikevich stated that Bitcoin is in a downward trend and shared the levels to watch.
At this point, the analyst said that $ 60,300, $ 56,000 and $ 51,500 in Bitcoin are critical levels to follow in the coming days:
“Bitcoin remains in a downtrend with a series of lows and lower highs.
We will pay attention to Bitcoin dynamics and the following support levels: $60,300 (correction to 61.8% of the recent rally), $56,000 area (50-day average) and $51,500 (consolidation area from February).
Cryptocurrency investors should now closely follow the risk appetite in financial markets. “Bitcoin and the cryptocurrency market will be greatly impacted today by the FOMC and other major central bank meetings later in the week.”
*This is not investment advice.