Bitcoin At Risk Of Deeper Correction – Could A $65,000 Retest Be Imminent?
The post Bitcoin At Risk Of Deeper Correction – Could A $65,000 Retest Be Imminent? appeared on BitcoinEthereumNews.com.
Bitcoin‘s recent price action has sent ripples through the cryptocurrency market, raising concerns among investors as the leading digital asset undergoes a significant correction. After an impressive rally, the focus now shifts to whether Bitcoin can maintain its upward momentum or will face a critical test at the $65,000 support level. As market sentiment shifts, this analysis aims to explore the recent correction in Bitcoin’s price and assess the likelihood of a retest of the crucial $65,000 level. By analyzing key market indicators and trader sentiment, the goal is to offer insights into whether this significant support can withstand pressure or if further declines are on the horizon. Analyzing Bitcoin’s Correction And Current Price Movement The price of Bitcoin on the 4-hour chart shows a notable bearish momentum as it attempts to break below the critical 100-day Simple Moving Average (SMA). If BTC successfully drops below the 100-day SMA, it could signal more weakness and accelerate the decline toward the $65,000 support level. Bitcoin attempting to break below the 100-day SMA | Source: BTCUSDT on Tradingview.com Also, the 4-hour Composite Trend Oscillator for Bitcoin (BTC) is generating negative signals, with the signal line crossing below the SMA line. Typically, this crossover is a key indicator of momentum shift, often suggesting that the downward pressure is intensifying. As both lines approach the zero level, it heightens concerns among traders about the potential for further drops. On the daily chart, after hitting resistance at $73,811, BTC has exhibited a noticeable decline as it heads toward the $65,000 level. Although it trades above the 100-day SMA, this downtrend signals a weakening bullish strength, indicating that sellers have gained control and are driving the price lower. BTC set for more decline with the $65,000 support level in sight | Source: BTCUSDT on Tradingview.com A…
Filed under: News - @ November 3, 2024 1:02 am