Analysis: If Bitcoin falls below the $60,000 support level, it may continue to decline, and needs to break through $76,000 to have any hope of reversing the downtrend.

CoinFeed reported on April 3rd, citing Cointelegraph, that Bitcoin is currently fluctuating between $60,000 and $73,000, with the daily chart showing a bearish continuation pattern: the first pattern confirmed on January 20th led to a price pullback to $60,014, and a second bear flag pattern is currently forming. Since February 8th, every rebound to the upper trendline of the bear flag has been met with resistance. Technical analysis emphasizes that a rebound to $76,000 and a sustained close above that level for several consecutive days are needed to negate this bearish pattern. Chartered Markets technical analyst Aksel Kibar predicts that if Bitcoin breaks below the $60,000 support level, it could further decline to $52,500.