Bitcoin May Fall Further: $65,000 Retest Imminent?
Bitcoin's latest price fall has shaken the cryptocurrency sector, worrying investors. After a remarkable rise, Bitcoin must now decide whether to keep rising or hit $65,000 support.
This research examines Bitcoin's recent price fall and the potential of a retest of $65,000 when market mood alters. The idea is to analyze key market indicators and trader mood to see whether this strong support can survive pressure or if additional drops are imminent.
Bitcoin Price Correction and Movement
Bitcoin's 4-hour chart indicates negative momentum as it seeks to breach below the 100-day SMA. BTC may weaken and fall toward $65,000 if it breaks the 100-day SMA.
The 4-hour Composite Trend Oscillator for Bitcoin (BTC) is also sending bearish indications, crossing below the SMA line. This crossing usually indicates velocity change and increased downward pressure. Traders worry about more declines as both lines near zero.
BTC has fallen toward $65,000 on the daily chart after reaching resistance at $73,811. Although it trades above the 100-day SMA, this downtrend indicates fading bullish strength, suggesting sellers are in charge and forcing the market down.
An in-depth review of the 1-day Composite Trend Oscillator reveals BTC is overbought, suggesting more losses. The signal line is trying to break below the SMA line, which normally indicates a downtrend and increased selling pressure. This crossing might fuel ongoing falls, prompting traders to reassess their holdings amid a fading optimistic attitude.
What A $65,000 Retest Could Mean For Investors
Bitcoin investors are affected by a $65,000 support retest. If the price stays above this barrier, it may signify a comeback of optimism, attracting additional buyers and bringing the price closer to its all-time high of $73,811. A break above this level would confirm upward momentum and create a new ATH.
Failure to retain $65,000 support might increase selling pressure and cause a collapse and bearish reaction.
