Bitcoin Price Analysis: The Bullish and The Bearish Case for BTC Following 5% Weekly Crash
Bitcoin’s price has been trending lower since the beginning of June, failing to recover toward its all-time highs. Still, the bull market seems to be far from over.
Technical Analysis
By TradingRage
The Daily Chart
On the daily timeframe, the price has declined since failing to hold above the $70K mark. The $65K support level has also been broken to the downside, and BTC is dropping toward $60K. If this level also fails to hold, the 50-day moving average, around the $58K mark, would be the last resort.
The RSI also shows values below 50%, which suggests that the momentum is bearish again, and a drop toward the $60K level is highly probable.
The 4-Hour Chart
Looking at the 4-hour chart, the price has been forming a falling wedge pattern recently. If the market breaks the wedge to the upside, the cryptocurrency will likely begin a new bullish move.
However, with the $65K support level lost and the price currently testing the channel’s lower boundary, a bearish breakout might be on the cards. In this case, a drop toward the $60K zone would be imminent in the short term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Treasury Targets Houthi Crypto Wallets, Financial Network
Securitize Reports Highest-Ever Dividend of $4.17 Million for Tokenized Treasury Product
Market Turmoil Hits Pi Network: Investors Face Uncertain Future
In Brief Pi Network's value has sharply declined, alarming many within the community. Experts predict a potential price drop of Pi Coin to $0.1 if trends continue. Investor confidence remains shaky due to regulatory and technical uncertainties.

1 in every 5 Americans hold Crypto: Ripple CLO
Trending news
MoreCrypto prices
More








