Bitcoin plummets, losing key support! The 3700-point plunge is imminent, the next stop: the 61,300-point abyss?
In the early morning, Bitcoin encountered strong resistance, continuously fell below important support levels, and is currently testing the third level of support. If the first support fails, short-term downside risks will intensify and may hit around 62,000.
However, despite falling below the 68,000 support, Bitcoin is still supported by the monthly line around 65,000, providing it with a buffer.
There are many resistances ahead, with 68,000 becoming the new resistance, and higher resistance at 73,000 and 74,000. The key to short-term support is 65,000. If it fails, it may fall further to 62,700 and 61,300, the latter being the last line of defense.
Technical aspects show that if the support of 65,000 falls, Bitcoin will face greater downward pressure, and if it falls to around 61,300, there will be room for a drop of more than 3,700 points. At present, Bitcoin has fallen below the lower track of the daily Bollinger Band, and selling pressure has increased.
However, the hourly and 4-hour charts show divergence, with the RSI falling below 40, which may indicate an oversold rebound. Low market sentiment and weak U.S. stocks have added pressure on Bitcoin, but data remains key to decision-making.
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