BTC Searches for New Support

BTC has broken through the support it attempted to maintain around $62k. Currently BTC is fighting to hold above $60k. The MFI is dipping on both the 4 hour and the daily chart while momentum on the MACD is swinging downward. This could mean that BTC may trend downward slightly in the short-term until it finds support. The upward trend on the longer-term is still strong, so it’s not as much of an issue there.

If BTC isn’t able to find support above $60k, we may dip into lines of support in the high $50 thousands.