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- 1 Bitcoin price was stabilizing near $64,000 after falling from $67,000 this week.
- 2 Bitcoin lost nearly 3% of its value this week, shifting 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, BTC was hovering close to the $64,310 mark, recording a 0.23% rise intraday.
Moreover, the breakdown below the recent support of $67,000 has dragged the price from a bullish to sideways trajectory. Further drawdown could increase the risk of falling towards the $60,000 demand zone.
Also, the social metrics has been falling steadily over the recent sessions, highlighting 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 Bitcoin has been declining slightly trend this week after the breakdown of the recent support. Moreover, the social sentiment curve is parallel to the price.
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?
Selling pressure seems to be low as several indecisive candlesticks have been observed in recent sessions. However, the absence of buyers at the lower levels points toward a possible risk of price crash towards the $60K mark.
Now, if the bulls 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 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 is 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.
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
