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 <p class="paragraph">After experiencing consistent gains in recent days, the value of Bitcoin (BTC) seems to be consolidating above $60,000, a level that is also functioning as a <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>. However, uncertainty persists regarding the next direction for Bitcoin, as the asset failed to sustain its value above $64,000 after briefly touching it.</p>
 <p class="paragraph">Looking ahead, crypto analyst<em> Ali Martinez</em> has presented a scenario that could result in Bitcoin dropping and finding potential support around the $50,000 zone.&nbsp;</p>
 <p class="paragraph">In a post on X (formerly Twitter) on March 3, Martinez noted that more than 500,000 BTC had changed hands within the narrow range of $61,100 to $61,800, establishing a robust <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> area.</p>
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 <p class="paragraph">According to the analyst, if Bitcoin stays above $61,000, it could pave the way for a climb towards $65,900. However, a word of caution is warranted in a bearish turn. If Bitcoin dips below the established <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>, a correction could be triggered, potentially leading the digital asset to as low as $51,500.</p>
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  <p class="paragraph">“Should BTC dip below <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>, a correction could lead it down to $56,970 or even $51,500,” he said.&nbsp;</p>
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 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="679" height="366" src="https://cdn.thebittimes.com/images/2024/03/04/7fe7f23e351618809bb5ffc78e7f480c.webp" alt class="wp-image-158445" srcset="https://cdn.thebittimes.com/images/2024/03/04/7fe7f23e351618809bb5ffc78e7f480c.webp 679w, https://cdn.thebittimes.com/images/2024/03/04/7fe7f23e351618809bb5ffc78e7f480c.webp 300w" sizes="(max-width: 679px) 100vw, 679px">
  <figcaption class="wp-element-caption"><em>Bitcoin realized price distribution chart. Source: Ali_charts. </em>
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 <p class="paragraph">Indeed, the substantial transaction amount for BTC&nbsp; has occurred amid a growing demand for spot Bitcoin exchange-traded funds (ETF), with a peak volume of $73.91 billion on March 1. In the long term, this product is considered a bullish catalyst.</p>
 <h2 class="wp-block-heading" id="h-what-next-for-bitcoin-nbsp">What next for Bitcoin?&nbsp;</h2>
 <p class="paragraph">The focus remains mainly on Bitcoin’s potential to reach another all-time high, supported by catalysts like the upcoming halving event. While $100,000 is the next possible target in 2024, Finbold reported that some analysts believe the halving alone might not be the sole key.</p>
 <p class="paragraph">In this context, crypto trading expert Gareth Soloway suggested that the likelihood of Bitcoin reaching $100,000 will probably be bolstered by increasing liquidity in the market. However, he emphasized that Bitcoin remains susceptible to further corrections despite a positive long-term outlook.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Bitcoin was trading at $62,634 by press time, having gained almost 1.5% in the last 24 hours. Over the past seven days, Bitcoin has rallied by nearly 20%.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/03/04/55cee6b56e3064858fbc8dff1677c7e2.webp" alt class="wp-image-158444" srcset="https://cdn.thebittimes.com/images/2024/03/04/55cee6b56e3064858fbc8dff1677c7e2.webp 1024w, https://cdn.thebittimes.com/images/2024/03/04/55cee6b56e3064858fbc8dff1677c7e2.webp 300w, https://cdn.thebittimes.com/images/2024/03/04/55cee6b56e3064858fbc8dff1677c7e2.webp 768w, https://cdn.thebittimes.com/images/2024/03/04/55cee6b56e3064858fbc8dff1677c7e2.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Despite the analyst’s possibility of a bearish outlook, Bitcoin’s technical indicators are dominated by bullish sentiments. For instance, a summary of the one-day gauges retrieved from <em>TradingView</em> suggests a ‘buy’ sentiment at 16, while moving averages indicate a ‘strong buy’ at 13. Oscillators recommend a ‘neutral’ stance at 8.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="210" src="https://cdn.thebittimes.com/images/2024/03/04/2df7a1d7422587ea6986fc0505fa0bdb.webp" alt class="wp-image-158443" srcset="https://cdn.thebittimes.com/images/2024/03/04/2df7a1d7422587ea6986fc0505fa0bdb.webp 1024w, https://cdn.thebittimes.com/images/2024/03/04/2df7a1d7422587ea6986fc0505fa0bdb.webp 300w, https://cdn.thebittimes.com/images/2024/03/04/2df7a1d7422587ea6986fc0505fa0bdb.webp 768w, https://cdn.thebittimes.com/images/2024/03/04/2df7a1d7422587ea6986fc0505fa0bdb.webp 1529w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView </em>
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 </figure>
 <p class="paragraph">Although Bitcoin has displayed bullish sentiments recently, the threat of losing the $61,000 <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> persists. This risk is further elevated if factors such as increased whale selling come into play.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bearish-alert-what-awaits-bitcoin-below-61-000-support-tbt81491.html">https://thebittimes.com/bearish-alert-what-awaits-bitcoin-below-61-000-support-tbt81491.html</a></p>

Bearish alert: What awaits Bitcoin below $61,000 support

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