Crypto Market Takes A Hit As BTC Price Drops Under $68,000!
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Following the remarkable bullish days when Bitcoin crossed the $73,000 mark, the bulls are now taking a hit. With a quick drop in market value, the BTC price is racing downhill and is under the $68,000 level.
Accounting for a fall of 7.33%, the BTC price lost its bullish hold last night. With a bearish engulfing candle forming in the daily chart, the biggest cryptocurrency led to huge liquidations in the market.
So, with the Bitcoin price in a pullback phase after hitting an all-time high, let’s take a closer look at its price chart to find the next support.
Will Bitcoin (BTC) Price Bounce Back To Reach $100,000?In the weekly chart, the BTC price shows a bullish breakout of the rounding bottom with a new all-time high formation. This marks a huge positive sentiment for crypto and hints at a long-term uptrend. Checkout our BTC price prediction for the coming years to find out when Bitcoin will hit $100,000.
Source: Tradingview
However, in the short-term, the price of Bitcoin takes a small hit and shows higher price rejection in the weekly candle. This is with an overnight bearish reversal, teasing a potential retest.
In the daily chart, the BTC price trend breaks under the crucial dynamic support of the 50-EMA. Further, the downfall breaks under the 78.60% mark, potentially teasing an extension of pullback.
With the current downfall, the BTC price is potentially heading to the 50% Fibonacci level in the above 4H chart. Further, the recent bearish engulfing candle supports this possibility.
Hence, with the sudden drop in the Bitcoin price, the sideline traders can find entry opportunities at lower levels. As per the Fib levels, the next support levels that could potentially ignite a bounce back are around $65,000 and $62,000.
On an optimistic note, an early reversal or the anticipated bounce back can lead to a new all-time high. In such a case, the BTC price can reach the $100,000 mark. Further, the upcoming halving could act as the next bullish catalyst.