Bitcoin Falls Near 64K: Analyzing BTC Trajectory For Next Week?
Bitcoin Falls Near 64K: Analyzing BTC Trajectory For Next Week?
Bitcoin price seemed to be stabilizing near $64,000 after falling from $67,000 this week.
Bitcoin lost nearly 3% of its value this week shifting the view from bullish to neutral.
Bitcoin seemed to be struggling to gain ground this week as the price slipped towards the $64,000 after the breakdown of a support near the $67,000. At the time of writing, the BTC price was hovering close to $64,310 recording a moderate 0.23% rise in Intraday.
Moreover, the breakdown below the recent support of $67,000 has dragged the price from a bullish to sideways trajectory. Further drawdown could add on the risk of falling towards the $60,000 demand zone.
Also, the Social metrics has been on a continuous drop in the recent sessions indicating the waning interest of the Investors and community members. Let's delve deeper and forecast Bitcoin's potential path for the upcoming week
BTC Social Dominance And Social Volume Drops
while the Bitcoin price has been in a slightly declining trend this week after the breakdown of the recent support. Moreover, the social sentiment curve has also drawn parallelly to the price.
<iframe title="Santiment Chart: Social Dominance (BTC), Social Volume (BTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-03-18T18%3A30%3A01.905Z&dt=2024-06-19T18%3A29%3A59.905Z&emcg=1&emhwm=1&wm=social_dominance_total%3Bsocial_volume_total&wax=0%3B1&wc=%235275FF%3B%2368DBF4&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The social metrics like social volume and social dominance curve seems to be declining since April indicating the waning interest of the investors and community members.
Moreover, the volume analysis showcases that the volume inflow had dropped by 40% a day and was $15.570 at the time of writing. Bitcoin is the market leader in the cryptoverse with a live market capitalization of $1.26 Trillion and 54.2% dominance.
What's In For Next Week: 60K or 67K?
Though the recent selling pressure seems to be low as several indecisive candlesticks may be observed in the recent sessions. However, the absence of buyers at the lower levels point towards a possible risk of price crash towards the $60 K mark.
Now, if the bulls are able to make a comeback near the
64K
and the price rebounds, it may indicate the termination of a correction phase. The bulls may reclaim their territory above the $67K.
Conversely, if the price fails to gain traction and breaks below the
64K
it may indicate a continued correction phase and the bears may look to test the $60K level.
Conclusion.
This week, Bitcoin price wavered, descending towards $64,000 after losing support at $67,000. At the time of writing BTC price was trading close to $64,310, with a slight 0.23% intraday increase. The fall below $67,000 has altered its trajectory from bullish to sideways, and a further drop risks reaching the $60,000 zone.
The selling pressure seemed to be moderate as several indecisive candlesticks were observed on the daily chart. Despite low selling pressure, the lack of buyers suggests a potential decline towards $60,000.
Now, if bulls establish their presence near
64K
, it could end the correction phase and push past $67K. Otherwise, a break below
64K
may prolong the correction, with a possible test of the $60K level by bears.
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.
Keyword: Bitcoin
Meta: Bitcoin price seemed to be stabilizing near $64,000 after falling from $67,000 this week.
Bitcoin price seemed to be stabilizing near $64,000 after falling from $67,000 this week.
Bitcoin lost nearly 3% of its value this week shifting the view from bullish to neutral.
Bitcoin seemed to be struggling to gain ground this week as the price slipped towards the $64,000 after the breakdown of a support near the $67,000. At the time of writing, the BTC price was hovering close to $64,310 recording a moderate 0.23% rise in Intraday.
Moreover, the breakdown below the recent support of $67,000 has dragged the price from a bullish to sideways trajectory. Further drawdown could add on the risk of falling towards the $60,000 demand zone.
Also, the Social metrics has been on a continuous drop in the recent sessions indicating the waning interest of the Investors and community members. Let's delve deeper and forecast Bitcoin's potential path for the upcoming week
BTC Social Dominance And Social Volume Drops
while the Bitcoin price has been in a slightly declining trend this week after the breakdown of the recent support. Moreover, the social sentiment curve has also drawn parallelly to the price.
<iframe title="Santiment Chart: Social Dominance (BTC), Social Volume (BTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&pt=BTC&df=2024-03-18T18%3A30%3A01.905Z&dt=2024-06-19T18%3A29%3A59.905Z&emcg=1&emhwm=1&wm=social_dominance_total%3Bsocial_volume_total&wax=0%3B1&wc=%235275FF%3B%2368DBF4&ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
The social metrics like social volume and social dominance curve seems to be declining since April indicating the waning interest of the investors and community members.
Moreover, the volume analysis showcases that the volume inflow had dropped by 40% a day and was $15.570 at the time of writing. Bitcoin is the market leader in the cryptoverse with a live market capitalization of $1.26 Trillion and 54.2% dominance.
What's In For Next Week: 60K or 67K?
Though the recent selling pressure seems to be low as several indecisive candlesticks may be observed in the recent sessions. However, the absence of buyers at the lower levels point towards a possible risk of price crash towards the $60 K mark.
Now, if the bulls are able to make a comeback near the
64K
and the price rebounds, it may indicate the termination of a correction phase. The bulls may reclaim their territory above the $67K. Conversely, if the price fails to gain traction and breaks below the
64K
it may indicate a continued correction phase and the bears may look to test the $60K level. Conclusion.
This week, Bitcoin price wavered, descending towards $64,000 after losing support at $67,000. At the time of writing BTC price was trading close to $64,310, with a slight 0.23% intraday increase. The fall below $67,000 has altered its trajectory from bullish to sideways, and a further drop risks reaching the $60,000 zone.
The selling pressure seemed to be moderate as several indecisive candlesticks were observed on the daily chart. Despite low selling pressure, the lack of buyers suggests a potential decline towards $60,000.
Now, if bulls establish their presence near
64K
, it could end the correction phase and push past $67K. Otherwise, a break below
64K
may prolong the correction, with a possible test of the $60K level by bears. 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.
Keyword: Bitcoin
Meta: Bitcoin price seemed to be stabilizing near $64,000 after falling from $67,000 this week.