Bitcoin Price Prediction: Is BTC About To Crash Below $61K Mark?
The Bitcoin price has been consistently dropping for the past four weeks.
The selling pressure intensified as the bullish investors were unable to maintain the
65K
level.
During the past five trading sessions, the price of Bitcoin has experienced a significant decline, plunging below the $65,000 mark due to increased selling pressure following the halving events.
Despite a brief recovery in the previous weeks, during which the Bitcoin price attempted to break through the lower boundary of its trading range, buying pressure waned near the $67,000 level, leading to a pullback in the price.
As the market continues to evolve, it remains uncertain whether this selling pressure will continue to push the price down toward the $61,000 level, or whether the bulls will step in to defend this key support level. It will be interesting to see whether the Bitcoin price suffers further declines or experiences a reversal in the near future.
Fears Rising: Can Bitcoin Price Continue To Lose Gains?
Bitcoin's value has dropped below $63k, causing concern among cryptocurrency traders. There has been a decrease in buy calls and an increase in sell recommendations on social media, which often indicates fear, uncertainty, and doubt (FUD) in the market. However, such signs can also suggest a likelihood of a market recovery.
The weekly chart shows that Bitcoin has been trading lower for four consecutive weeks if it closes in red this week. it is going to happen for the first time since August 2023. The continued selling pressure may keep on dragging the price towards the $61K level.
<iframe title="Santiment Chart: Price (BTC), Volume (BTC), Price (BTC) MA(50), Price (BTC) MA(200)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-02-07T00%3A00%3A00.000Z&dt=2024-04-27T18%3A29%3A59.628Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=price_usd%3Bvolume_usd%3B%5B2%3Bprice_usd%3BMA50%5D%3B%5B2%3Bprice_usd%3BMA200%5D&wax=0%3B1&wc=%2333bd5d%3B%23D2D6E7%3B%23FF5B5B%3B%23FFCB47&ws=%7B%22node%22%3A%22candle%22%2C%22interval%22%3A%2212h%22%7D%3B%3B%3B" scrolling="no"></iframe>
Upon examining the data for the last 24 hours, it is evident that the price of BTC has experienced a substantial decline, dropping nearly 2% in value. Additionally, the transaction volume inflow has also seen a significant decline of almost 24%. These findings indicate a clear lack of interest from traders and investors, which could potentially lead to a negative impact on the price of BTC in the near future.
Despite the recent losses, there is a glimmer of hope in the form of positive news that is awaiting in the near future. This news could potentially turn things around and help Bitcoin regain its lost ground.
This week, the volatility of BTC has significantly decreased from 70% to 50%. Looking ahead, there is a potentially positive development as the Hong Kong Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) are set to commence trading next week. This news is generating interest as it could attract institutional capital from Asia.
Bitcoin Price Prediction: Analysts Expect A Crash Below This Interesting Level!
According to the Daily Chart, Bitcoin's price has been maintained in a range since March 2024, with the ATH acting as the upper boundary and the $61K level as the lower boundary. As a result, the price has been moving sideways for the last two months, thus failing to generate any returns for investors.
Recent price action indicates a formation of lower highs, which could lead to a descending triangle pattern. The buyers' waning interest in recent sessions is evident from the multiple tests of the $61K lower range.
The price prediction of our analysts assumes that the $61k level has been serving as a crucial level which once breaks may trigger a 10 to 15% correction in BTC price.
However, there is some positive news on the horizon that could help the crypto market recover from its recent losses. The up move is more likely to retain if the buyers are able to surpass the $67 K.
Conclusion.
The Bitcoin price has experienced a significant decline due to increased selling pressure following the halving events. Currently, The market is uncertain whether this selling pressure will continue to push the price down towards the $61,000 level, or whether the bulls will step in to defend this key support level.
The recent price action indicates a formation of lower highs, which could lead to a descending triangle pattern. The price prediction of analysts assumes that the $61k level has been serving as a crucial level which once breaks may trigger a 10 to 15% correction in BTC price. However, there is some positive news on the horizon that could help the crypto market recover from its recent losses and reagin the higher levels.
Technical levels:
Support levels: $60,958 and $52,348.
Resistance levels: $67,538 and $73,295.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
The selling pressure intensified as the bullish investors were unable to maintain the
65K
level. During the past five trading sessions, the price of Bitcoin has experienced a significant decline, plunging below the $65,000 mark due to increased selling pressure following the halving events.
Despite a brief recovery in the previous weeks, during which the Bitcoin price attempted to break through the lower boundary of its trading range, buying pressure waned near the $67,000 level, leading to a pullback in the price.
As the market continues to evolve, it remains uncertain whether this selling pressure will continue to push the price down toward the $61,000 level, or whether the bulls will step in to defend this key support level. It will be interesting to see whether the Bitcoin price suffers further declines or experiences a reversal in the near future.
Fears Rising: Can Bitcoin Price Continue To Lose Gains?
Bitcoin's value has dropped below $63k, causing concern among cryptocurrency traders. There has been a decrease in buy calls and an increase in sell recommendations on social media, which often indicates fear, uncertainty, and doubt (FUD) in the market. However, such signs can also suggest a likelihood of a market recovery.
The weekly chart shows that Bitcoin has been trading lower for four consecutive weeks if it closes in red this week. it is going to happen for the first time since August 2023. The continued selling pressure may keep on dragging the price towards the $61K level.
<iframe title="Santiment Chart: Price (BTC), Volume (BTC), Price (BTC) MA(50), Price (BTC) MA(200)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-02-07T00%3A00%3A00.000Z&dt=2024-04-27T18%3A29%3A59.628Z&sat=shchcfg_0fkcqXWOckcn&emcg=1&emhwm=1&wm=price_usd%3Bvolume_usd%3B%5B2%3Bprice_usd%3BMA50%5D%3B%5B2%3Bprice_usd%3BMA200%5D&wax=0%3B1&wc=%2333bd5d%3B%23D2D6E7%3B%23FF5B5B%3B%23FFCB47&ws=%7B%22node%22%3A%22candle%22%2C%22interval%22%3A%2212h%22%7D%3B%3B%3B" scrolling="no"></iframe>
Upon examining the data for the last 24 hours, it is evident that the price of BTC has experienced a substantial decline, dropping nearly 2% in value. Additionally, the transaction volume inflow has also seen a significant decline of almost 24%. These findings indicate a clear lack of interest from traders and investors, which could potentially lead to a negative impact on the price of BTC in the near future.
Despite the recent losses, there is a glimmer of hope in the form of positive news that is awaiting in the near future. This news could potentially turn things around and help Bitcoin regain its lost ground.
This week, the volatility of BTC has significantly decreased from 70% to 50%. Looking ahead, there is a potentially positive development as the Hong Kong Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) are set to commence trading next week. This news is generating interest as it could attract institutional capital from Asia.
Bitcoin Price Prediction: Analysts Expect A Crash Below This Interesting Level!
According to the Daily Chart, Bitcoin's price has been maintained in a range since March 2024, with the ATH acting as the upper boundary and the $61K level as the lower boundary. As a result, the price has been moving sideways for the last two months, thus failing to generate any returns for investors.
Recent price action indicates a formation of lower highs, which could lead to a descending triangle pattern. The buyers' waning interest in recent sessions is evident from the multiple tests of the $61K lower range.
The price prediction of our analysts assumes that the $61k level has been serving as a crucial level which once breaks may trigger a 10 to 15% correction in BTC price.
However, there is some positive news on the horizon that could help the crypto market recover from its recent losses. The up move is more likely to retain if the buyers are able to surpass the $67 K.
Conclusion.
The Bitcoin price has experienced a significant decline due to increased selling pressure following the halving events. Currently, The market is uncertain whether this selling pressure will continue to push the price down towards the $61,000 level, or whether the bulls will step in to defend this key support level.
The recent price action indicates a formation of lower highs, which could lead to a descending triangle pattern. The price prediction of analysts assumes that the $61k level has been serving as a crucial level which once breaks may trigger a 10 to 15% correction in BTC price. However, there is some positive news on the horizon that could help the crypto market recover from its recent losses and reagin the higher levels.
Technical levels:
Support levels: $60,958 and $52,348.
Resistance levels: $67,538 and $73,295.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.