The post Bitcoin (BTC) strong buying at $64,000 – is this the bottom? appeared on BitcoinEthereumNews.com.

Tuesday saw another nervous day for holders of Bitcoin as the price fell all the way back to good support at $64,000. However, strong buying kicked in from this level and now $BTC is looking to get back above the $65,500 support again. Could this be a local bottom? Is this dump over? These last couple of weeks of negative price action have taken the $BTC price down around 9%, and even as much as 11% if the Tuesday wick to the bottom at $64,000 is taken into account. Bitcoin holders will be wondering if this dump is over, or if there is more to come. Strong buying support at $64,000 Source: TradingView As can be seen in the daily chart above, the price has actually closed below the $65,500 support. That said, Wednesday’s candle would also have to close below for this level to be confirmed as having flipped into resistance. A wick down to the $64,000 level tells the story that this is strong buying support. Trend line support is critical Source: TradingView As usual, the weekly chart puts everything into a much clearer perspective. It can be seen that if the $BTC price is able to hold support at $65,000, it will also once again be holding support on the upward trend line. A weekly close will be necessary to see whether this support holds, or whether a new candle opens below and the trend is broken. $60,000 major fibonacci level Drawing in the fibonacci levels it can be seen exactly where the major supports are situated, and it should be noted that $60,000 has acted as support in no less than 7 of the previous 16 weeks. If the trend is broken, then it might also be the case that $60,000 could also finally be shattered.…

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Filed under: News - @ June 19, 2024 6:18 pm