Bitcoin: Will it reach $65,000? Why traders are still bearish

BitcoinBTC() recovered by up to 14% following a plunge of nearly $76,000 on 11 March, a low for four months. BTC’s price has fallen by about 25 percent from its previous record of approximately $110,000.bull market correction.”

Some analysts still expect the Bitcoin prices to fall in future.

“Dark cloud” Bitcoins are on the rise

Bitcoin is under renewed pressure to fall after it rejected at $87.470, the channel’s descending resistance. “dark cloud cover” Analysis shows that the pattern of downtrending is reinforced by an analysis shared GDXTrader for X.

A dark cloud pattern is formed when a green candle with a large body opens higher than the close of the prior candle, but then closes lower.

This shift in sentiment is a sign that sellers have pushed the market lower, although buyers tried to move higher.

GDXTrader said that Bitcoin’s inability to break above $90,000-$93,000 suggests a lack buying confidence. The cryptocurrency is still under pressure unless the range is decisively broken.

BTC Price “perfect rejection” risks $65,000

Bitcoins’ potential for further decline is a result of its “perfect rejection” According to the test, after checking the resistance zone of $86,000-88,000 analysis CrediBULL is a popular crypto trader.

Related: Here’s why Bitcoin price can’t go higher than $87.5K

The orange circle on the graph below shows that Bitcoin tried to move towards the red zone of local supply but was unable to maintain its position above this zone.

If the zone of supply is not reclaimed, the likelihood that the price will drop to lower levels (highlighted by green) around $77,000-79,000 in March has been increased. Tests of this support area have led to sharp price rebound in March.

Nonetheless, if this support zone breaks, a deeper move below the $77,000-79,000 region could extend toward the $65,000-74,000 area—the larger green liquidity zone in the chart above—by April.

The Analyst George shared A similar perspective is shown in the image below.

“Hard to stay bullish” With a Bear Flag Pattern

Analyst CryptOpus, Bitcoin remains tightly correlated with traditional equity markets, particularly the S&P 500 (SPX) and Nasdaq 100 (NDX), both of which are displaying bear flag patterns on the charts.

The price will form a bear-flag when it consolidates within a parallel ascending channel. A bear flag will resolve if price falls below lower trendline by at least the height of the downtrend.

BTC follows a bear flag pattern, where $84,000 acts as the trendline’s lower support. According to the rule of technical analysis, a break below this limit could lead to a further sell-off towards $72,000.

Bitcoin’s correlation to stocks has also increased due to the broader drop in risky sentiment led by US President Donald Trump. global trade war.

Arthur Breitman has called the US recession as one of the worst in history. crypto market’s biggest external risks.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.