As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price fluctuations. However, the recent bearish trend for Bitcoin has been particularly disheartening, especially after witnessing its meteoric rise to new all-time highs.
The past week has seen a downturn in bitcoin‘s value, with the cryptocurrency experiencing significant drops below various support thresholds. After initially slipping below $71,000, bitcoin continued to fall below $67,000, suggesting the onset of a downward trend. Amidst the market instability, a crypto analyst has highlighted crucial price levels worth monitoring as bitcoin descends, potentially indicating its future trajectory.
Bitcoin Enters Sideways Consolidation
In an examination conducted on TradingView, crypto analyst Bitcoin Signals uncovered some significant updates regarding Bitcoin’s pricing: Firstly, Bitcoin has moved into a holding pattern on the 4-hour chart. This holding pattern is presently situated between $67,000 and $72,000 – a price range that the coin is now hovering near.
Due to this latest trend, the crypto analyst is convinced that a short-term decline is taking shape for Bitcoin. This is the reason behind its recent price drop, which has caused the BTC value to slip beneath crucial support levels like $69,200. On Tuesday morning, bears succeeded in pushing the price below $67,000 after breaching the identified support zone of $67,200 as highlighted by Bitcoin Signals in their analysis.
The crypto expert noted that Bitcoin’s price might keep fluctuating within its current correction zone. Nevertheless, a falling wedge pattern has emerged during this downtrend. Based on the analyst’s assessment, this development could lead to Bitcoin surmounting the $69,200 resistance once more and aiming for $72,000.
According to the crypto analyst’s assessment, the price of Bitcoin may continue to decrease unless it surmounts the $72,000 resistance level. This conclusion is drawn from the existing market configuration and recent price trends, which indicate further declines based on the long-term chart analysis by Bitcoin Signals.
BTC Price On The Charts
The Bitcoin market is presently under selling pressure, as indicated by its price trend. Notably, key metrics like daily trading volume on CoinMarketCap have surged by 89.85% within the last day. However, the downturn in price suggests that this surge in trading activity is mainly driven by sellers rather than buyers.
Over the past day, Bitcoin’s price has dropped nearly 4%, reaching around $66,700. This downturn erased most of the weekly progress, revealing a 3% decrease. The price plunged to its lowest point in June, aligning with the May 2021 crash level.
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2024-06-11 16:34