Bitcoin

Gold

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is presently grappling with maintaining its price above the $60,000 threshold amidst persistent sell-offs across the broader market.&nbsp;</p>
 <p class="paragraph">Indeed, some players within the market speculate that Bitcoin may face further devaluation leading up to the halving event. For instance, market strategist Gareth Solway suggested on April 16 that geopolitical tensions served as a catalyst for Bitcoin’s price to breach a significant support trend line, which had been pivotal in propelling the cryptocurrency’s upward trajectory since February.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="536" src="https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp" alt class="wp-image-169638" srcset="https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp 1024w, https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp 300w, https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp 768w, https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp 1536w, https://cdn.thebittimes.com/images/2024/04/17/28ccbb185c1c1175b495c00cf9a10368.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Soloway emphasized that the <a rel="noopener noreferrer nofollow" title="breakdown" href="https://thebittimes.com/tag/breakdown.html">breakdown</a> remains un<a rel="noopener noreferrer nofollow" title="confirm" href="https://thebittimes.com/tag/confirm.html">confirm</a>ed while the support trend line has been breached. He explained this concept using probability, indicating that when Bitcoin was trading above the key trend line, the further upside was favored by approximately 75%.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    How much is the disgraced Twitch star worth: Adin Ross' net worth revealed <span class="self-center text-xs text-slate-500">59 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    XRP ‘bulltrap’ hints at epic crash below $0.40 <span class="self-center text-xs text-slate-500">1 hour ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto.com announces Rewards+, a new loyalty program <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Gold rally pauses: What's next as investors eye fedspeak? <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">However, with the line now broken, probabilities have shifted to a more neutral 50/50 stance. Should Bitcoin <a rel="noopener noreferrer nofollow" title="confirm" href="https://thebittimes.com/tag/confirm.html">confirm</a> its descent below Saturday’s lows of $61,300, the likelihood of further downside becomes significantly higher, potentially reaching as high as 75%.</p>
 <h2 class="wp-block-heading" id="h-how-low-can-bitcoin-drop">How low can Bitcoin drop?</h2>
 <p class="paragraph">Looking ahead, Soloway outlined potential downside targets should Bitcoin <a rel="noopener noreferrer nofollow" title="confirm" href="https://thebittimes.com/tag/confirm.html">confirm</a> its <a rel="noopener noreferrer nofollow" title="breakdown" href="https://thebittimes.com/tag/breakdown.html">breakdown</a>.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“With the stock market beginning to deteriorate, investors need to be on high alert. There is no doubt Bitcoin is a risk asset. This means Bitcoin falls when fear grip investors. &lt;…&gt; Should Bitcoin confirm the breakdown, downside target becomes $52,000-$49,000,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">In alignment with Soloway’s forecast, Finbold reported that crypto analyst <em>Ali Martinez</em> observed Bitcoin’s consolidation phase and advised investors to closely monitor the $61,000 support level, with $72,400 identified as the primary resistance level.</p>
 <p class="paragraph">As the current situation stands, Bitcoin’s potential for a significant upward surge largely hinges on its ability to reclaim the $65,000 resistance zone.&nbsp;</p>
 <p class="paragraph">Meanwhile, investors are anticipating the upcoming Bitcoin halving, which is slated to reduce the new supply of the token by half. Historically, the halving event has acted as a positive catalyst for prices.&nbsp;</p>
 <p class="paragraph">However, doubts have arisen regarding the likelihood of a repeat performance, especially considering that Bitcoin recently reached a record high, before the event.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp">Bitcoin price analysis&nbsp;</h2>
 <p class="paragraph">As of press time, Bitcoin was trading at $62,270, marking a correction of over 1% in the last 24 hours. On the weekly chart, BTC is showing a decline of 8%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/17/8ff5638ac1dedfa6226b1c8433385347.webp" alt class="wp-image-169639" srcset="https://cdn.thebittimes.com/images/2024/04/17/8ff5638ac1dedfa6226b1c8433385347.webp 675w, https://cdn.thebittimes.com/images/2024/04/17/8ff5638ac1dedfa6226b1c8433385347.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, recent short-term price movements have placed a critical responsibility on Bitcoin bulls to maintain the price above $60,000. A drop below this crucial level would signify a potential downward trajectory for the cryptocurrency.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-on-the-cusp-of-confirming-key-breakdown-how-low-can-btc-go-tbt85603.html">https://thebittimes.com/bitcoin-on-the-cusp-of-confirming-key-breakdown-how-low-can-btc-go-tbt85603.html</a></p>

Bitcoin on the cusp of confirming key breakdown; How low can BTC go?

Table of Contents

TheBitTimes

Other articles published on Apr 17, 2024

Bitcoin Halving Google Searches Soar To New ATH As Bitwise Says Markets Underestimate Its Impact ...

South Korean Won Topples The Dollar To Become The Top Currency For Crypto Trading

SOL, DOGE show modest gains as Borroe Finance steals the spotlight

Sell signal for two yet overbought cryptocurrencies this week

Signs of Recovery: Shifting Bitcoin Market Dynamics and Investor Opportunities

US Senators Propose Bill to Regulate Stablecoins Amidst Banning on Algorithmic Stablecoins

Join our free newsletter for daily crypto updates!