The post Bitcoin Hits $64K, Faces Bearish Reversal: Will It Hold or Drop Further? appeared first on Coinpedia Fintech News
Bitcoin’s recent price movement has left investors uncertain, with the asset nearing $64,400 on October 7 before facing strong resistance. This sudden bearish pressure drove Bitcoin back down to $62,000, reflecting the ongoing clash between buyers and sellers in the market. The price chart suggests that Bitcoin could risk giving up its recent gains if bearish trends continue.
Bitcoin Struggles at $64K Mark
In recent days, Bitcoin saw renewed bullish sentiment, reaching as high as $64,000 during the weekend. The upward momentum continued into the U.S. trading session, only to face selling pressure at the $64K level. After briefly crossing this milestone, Bitcoin’s price dropped by 3.49%, marking a local top that led to a significant dip.
As Bitcoin now hovers near $62,000, analysts are closely monitoring the 50-day and 200-day moving averages. If these averages cross in a “golden cross” pattern, it could signal a bullish trend, encouraging new buyers.
But for this to happen, Bitcoin must hold above the key support level of $61,800. If it fails to hold, prices could slip lower, potentially toward $57,900.
Analysts Predict New ATH for Bitcoin
Despite the recent pullback, some analysts remain positive. Philip Swift, a well-known crypto analyst, highlighted that global liquidity is at record highs, which could help push Bitcoin to new peaks.
Seeing analysis on ct that tries to show low time frame correlation between Bitcoin and Global Liquidity. Be wary of such analysis, it's just noise. It's the zoomed-out view that matters. Global Liquidity new high -> BTC new high. pic.twitter.com/3nhBwQIHED
— Philip Swift (@PositiveCrypto) October 8, 2024
Swift believes this liquidity increase might even drive Bitcoin past its $64K mark, possibly toward $70K, if conditions improve. However, short-term challenges, like global economic issues and uncertainty, could still affect Bitcoin’s immediate path.
Chinese Stocks Experience Major Drop
While Bitcoin’s price trembled, Chinese stocks saw a sudden drop after a recent rally fueled by China’s new stimulus plans. Stocks like Alibaba and Baidu fell between 8% and 17%, while the Hang Seng Index dropped 9.5%, marking its worst slide since 2008. Investors seem to be taking profits as momentum slows in the Chinese market.
For now, Bitcoin’s next move hinges on breaking through the $64K resistance level. If successful, it could mean more gains. But if not, Bitcoin may see a deeper correction as both global and market factors play a big role in the crypto’s direction.
