• BTCUSD drops to its lowest level since May 2

• Despite initial rebound, price remains under selling pressure

• Momentum indicators hover near oversold territory

BTCUSD (Bitcoin) has been experiencing a vast selloff since the beginning of June, temporarily breaking below the 60,000 psychological mark. Although the price managed to halt its retreat just shy of the 200-day simple moving average (SMA), the bears continue to hold the upper hand.

Should Bitcoin fall back below the 60,000 psychological level, immediate support could be found at the March-April support of 59,600. Sliding beneath that floor, the price could challenge the June low of 58,400. A violation of that zone may set the stage for the April bottom of 56,483.

On the flipside, if buying pressures re-emerge, the price could advance towards 64,500, a region that has acted both as resistance and support in 2024. Conquering that zone, the bulls could attack the April resistance of 67,270. Even higher, the double top region of 71,955 might prove to be a tough barrier for the price to overcome.

In brief, BTCUSD has come under severe selling pressure lately, falling below the 60,000 mark for the first time since May 3. Despite the latest bounce, the retreat is likely to extend towards the 200-day SMA given that the short-term oscillators remain heavily tilted to the downside.