The Uncertainty of Bitcoin’s Value: Is there a Chance for Further Drops Under $65,000?
Bitcoin’s current market situation is marked by a significant struggle as it tries to regain footing above the $68,800 resistance level. The potential realm of Bitcoin price risk expands as the cryptocurrency could face further drops beneath the $65,000 support bracket. In spite of efforts to push past the $68,000 threshold, Bitcoin persists in trading below this level and the 100 hourly Simple Moving Average, a bearish trend line is emerging, hinting at resistance at $67,800. Bitcoin did succeed in ascending above the $67,200 and $68,000 markers, yet, encountered bearish activities near the $69,000 zone. In the event that Bitcoin cannot break through the $67,800 resistance, it could trigger another downturn. Significant support levels are observed at $65,500, followed closely by $65,000. If Bitcoin were to close beneath $64,500, a decline towards the $63,500 level could be on the horizon, with potential further losses driving the price down to the $62,000 support zone. This highlights the Bitcoin price risk that investors and traders are currently dealing with.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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