Bitcoin (BTC) price recently decreased by 4% to approximately $58,413 during the early Asian session on Thursday. The flagship cryptocurrency is currently retesting the support level around $58K, having been repeatedly rejected at the resistance range between $61K and $62K.
This price movement follows a recent daily death-cross between the 50-day and 200-day moving averages, which has traders and analysts divided on whether BTC will break out to $70K or crash to $40K.
The potential for a bullish breakout remains if Bitcoin can hold its support level and overcome existing resistance.
