The cryptocurrency has fallen more than 5%, going from US$71,622 to US$66,000, after massive outflows from the market in the last week.
The leading cryptocurrency in the market, Bitcoin, experiences a decline of more than 5%, falling from US$71,622 to US$66,000. Analysts warn about the possibility that this correction continues and that BTC could fall to a range between US$60,000 and US$63,000.
Early interpretations suggest that this pullback is due to Bitcoin whales aggressively accumulating the cryptocurrency, while other investors reduce their holdings. This decrease in the holdings of large bitcoin holders could indicate a strategic realignment, either to secure profits or prepare for market volatility.
In this context, some rWell-known crypto market traders maintain that the price of Bitcoin could fall to $62,000. For example, the inverse Jelle (@CryptoJelleNL), one of the most pessimistic in this regard, points out that Bitcoin is in an ascending triangle, with a long-term price target of US$100,000but he doubts that the cryptocurrency will reach that figure in the short term.
On the other hand, the renowned cryptocurrency analyst, Michael van de Poppe highlights that Bitcoin is still stuck in a range between US$57,000 and US$73,000, predicting that the cryptocurrency will range between US$63,000 and US$64,500 in the near future.
What does Bitcoin technical analysis say?
Technical analysis reveals a downward trend in Bitcoin, with key resistance and support levels at $66,914 and $65,521 respectively. Oscillators show mixed outlookwith indicators that suggest both purchases and sales, reflecting market uncertainty. Moving averages point to selling pressure, although longer-term indicators suggest possible recovery opportunities.
This way, Bitcoin faces significant selling pressure, with bearish trends on multiple time frames. Investors should be cautious and consider their positions in case bearish patterns persist, with the possibility of further price declines in the short term.
Source: Ambito
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