It is shaping up to be another rough week for cryptocurrencies

That marks the lowest level in over two weeks for Bitcoin, as fatigue continues to set in following the sharp drop at the start of the month. The plunge back then saw dip buyers manage a strong bounce near $60,000. But ultimately, that is now fading as the downside momentum since the start of the year continues to drive forward.

Bitcoin itself is now down just over 6% on the week, poised for a sixth consecutive weekly drop. And the technicals continue to look dicey for the cryptocurrency, after having broken back below its 100-week moving average (red line) for the first time since 2023 at the end of January trading.

It’s tough to pick at support levels but the $60,000 mark is a big psychological one. That especially since it was also defended at the first attempt in the drop earlier this month.

The 200-week moving average (blue line) will then be the next all important technical level to watch out for, sitting at around $58,495 currently. If that breaks, it opens up another door as the floodgates stay open for the selling to continue. After which, technical traders will be looking to the $50,000 level.

Amid a more negative risk backdrop and traders actually preferring precious metals instead of “digital gold”, it has been a rough four months for cryptocurrencies. The drop to $63,000 now sees Bitcoin half its value from the all-time highs achieved in October last year. In that same timespan, gold is up over 30% instead.