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- 1 Bitcoin prices have been consistently dropping for the past four weeks.
- 2 The selling pressure intensified as the bullish investors could not 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.
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 fundamental support level. It will be interesting to see whether the Bitcoin price suffers further declines or experiences a reversal shortly.
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 drag the price towards $61K.
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. The transaction volume inflow has also significantly decreased by almost 24%. These findings indicate an apparent lack of interest from traders and investors, which could potentially lead to a negative impact on the price of BTC soon.
Despite the recent losses, there is a glimmer of hope in the form of positive news awaiting shortly. 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 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.
Our analysts assume that the price prediction of the $61k level has been serving as a crucial level, which, once it breaks, may trigger a 10 to 15% correction in BTC price.
However, some positive news is 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 can surpass the $67 K.
Conclusion
The Bitcoin price has experienced a significant decline due to increased selling pressure following the halving events. The market is 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 critical 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 it breaks, may trigger a 10 to 15% correction in BTC price. However, some positive news on the horizon could help the crypto market recover from its recent losses and reach 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
