$BTC Loses $65,000: Reversal Still Possible - U.Today Analytics

Despite the fact that Bitcoin dropped below the $65,000 price threshold, the first cryptocurrency might still show us a substantial reversal in the foreseeable future. The next major support for the asset is at approximately $57,000, but if we see a surge of buying support right now, there is nothing holding BTC back from reaching $70,000. 

At press time, BTC is trading at:

- $60,750.01 on Binance

- $60,747.15 on WhiteBIT

- $60,748.60 on KuCoin

A number of factors, including increased selling pressure from miners and a shift in general market sentiment toward caution, can be blamed for the recent decline in Bitcoin prices. The present technical arrangement suggests that a rebound may be possible. Essential support has been provided by the 100-day moving average (orange line) at approximately $64,000. The way the price of Bitcoin moves at this point will be crucial to predicting its short-term course.

The liquidity distribution should be taken into account as well. The given chart shows notable liquidity above the $70,000 mark. This implies that if Bitcoin is able to gather steam, a sizable quantity of liquidity is just waiting to be released, which might spur a sharp rise in price. It is advisable for market players to monitor the quantity of transactions.

An increase in trading volume combined with an improvement in the RSI could indicate the start of a reversal. Furthermore, macroeconomic variables and encouraging reports about the acceptance of Bitcoin or regulatory clarity may offer the impetus needed for a price increase.