Bitcoin Potentially Faces Further Dips, Analysts Discuss Prospect of $63,000 Mark
Summary:
After an 8% decline over the past week, Bitcoin is facing the prospect of further dips, potentially down to $63,000 according to some analysts. The cryptocurrency's current exchange value stands at $66,842, marking a 4% decrease within the last 24 hours. As Bitcoin trades above critical support levels, analysts anticipate a continuation of the uptrend unless it drops beneath the $67,000 mark, which could further push Bitcoin's price towards $64,700. Its current trajectory suggests one of the most significant drops since mid-May from its peak values. Market momentum and data also indicate possible further declines.
After an 8% decline in the past week, Bitcoin (BTC) is staring down the possibility of further price falls. The speculation among traders and analysts now centers on how much deeper this dip could go, with some suggesting a potential drop down to $63,000.
On June 12, Bitcoin made a failed attempt to rise above the $70,000 mark, causing it to fall back to the $66,000 zone. As of now, Bitcoin exchanges at $66,842, posting a 4% decrease in the past 24 hours, as reported by CoinMarketCap data.
Noted analyst, Mark Cullen, employed the Elliott Wave approach to suggest an imminent dip in Bitcoin, possibly reaching around $63,000. He discussed the possibility of further dips following a sweep of the weekend highs on June 11.
Meanwhile, Matthew Hyland, another analyst, observed that Bitcoin traded above a critical support level at $67,000. This level, he explained in a post, serves as the first defense against lower lows. Although longer timeframe consolidation indicates a continuation of the uptrend, a drop below the aforementioned level could push Bitcoin's price towards $64,700.
Drops within the $63,000 to $65,000 zone would signify the lowest Bitcoin prices since mid-May, indicating due to a significant 15% downturn from current peak values.
Adding to the conversation, MN Capital's founder Micheal van de Poppe, analyzed Bitcoin's daily price activity, particularly focusing on support levels. Bitcoin's loss of its 50-day exponential moving average (EMA) at $67,011 came to his attention, but he also suggested a key support level remains above $66,000, represented by the 100-day EMA.
Progressing into a deeper dive, today's drawdown shows Bitcoin's loss of that support, intensifying the likelihood of further declines. The 200-day EMA at $64,000 now poses as the final guard before short-term downside possibilities.
Market momentum seems to favor dips as suggested by the relative strength (RSI) figure of 44. Coinglass data also shows substantial liquidity development between the $63,000 and $65,500 range over the last month.
Published At
6/13/2024 11:42:33 PM
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