Bitcoin Price Tests Critical Support Zone Amid Fading Momentum

Bitcoin is testing a critical long-term support zone after plummeting nearly 30% from its May high, and traders are on edge as momentum appears to be waning.

The cryptocurrency's price has fallen below 57,885-58,725, a region defined by the 61.8% retracement of the 2022 advance and the August 2024 low-week close.

Building RSI divergence suggests that downside momentum may be starting to fade, raising the threat of an exhaustion low.

A break lower would signal a more significant trend reversal and expose deeper downside targets, while a successful defense could set the stage for a broader recovery.