Bitcoin

April

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 <p class="paragraph">After briefly plunging below $60,000, Bitcoin (BTC) has rebounded, aiming to sustain its gains above the $65,000 mark. Notably, the cryptocurrency has exhibited heightened volatility leading up to the halving event, yet uncertainty looms regarding its future trajectory.</p>
 <p class="paragraph">In this regard, in a <em>TradingView</em> post on April 19, crypto trading expert<em> Alan Santana</em> forecasted a grim outlook for Bitcoin, hinting at the possibility of ‘the mother of all crashes’. This projection is rooted in Bitcoin’s current support levels.</p>
 <p class="paragraph"><em>Santana </em>highlighted Bitcoin’s struggle with a critical <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> range between $59,000 and $63,000, emphasizing that it has faced over five challenges recently, pointing to a weakening position for the cryptocurrency.</p>
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 <p class="paragraph">After Bitcoin briefly dropped to around $59,000 in the last 24 hours, the expert suggested that the movement further exacerbates fears of an impending <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>. The expert indicated that bears currently hold sway in the market dynamics, hinting at a downward trajectory for Bitcoin’s price.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="541" src="https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp" alt class="wp-image-170188" srcset="https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp 1024w, https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp 300w, https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp 768w, https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp 1536w, https://cdn.thebittimes.com/images/2024/04/19/5c21bb924be5ebca49b32fd3f24b1cba.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/ Alan Santana</em>
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  <p class="paragraph">“The more often a <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> level is challenged, the weaker it becomes.&lt;…&gt; The fact that this level continues to be challenged tells us that the bears have the upper-hand. If the bulls were winning, we would be seeing resistance being challenged rather than <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a>.&lt;…&gt; Prepare for the <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>,” the expert warned.&nbsp;</p>
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 <h2 class="wp-block-heading" id="h-bitcoin-s-levels-to-watch-nbsp">Bitcoin’s levels to watch&nbsp;</h2>
 <p class="paragraph">According to <em>Santana’s </em><a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin may encounter a potential rebound at the EMA50 level, although the future remains uncertain. He cited two critical <a rel="noopener noreferrer nofollow" title="support" href="https://thebittimes.com/tag/support.html">support</a> levels in the event of a sustained downturn: $44,400 and the range between $37,000 and $33,333, both serving as potential targets for bearish momentum.</p>
 <p class="paragraph">Overall, Bitcoin has experienced a resurgence in its price amidst reports suggesting de-escalating tensions in the Middle East. The recent spike in geopolitical tensions had previously prompted a sharp decline in Bitcoin’s value from the $70,000 threshold.&nbsp;</p>
 <p class="paragraph">Additionally, the upcoming halving event is contributing to market dynamics, with miners exhibiting bearish tendencies. Miners have been offloading their Bitcoin holdings in anticipation of reduced rewards post-halving, potentially rendering some operations unprofitable.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As of press time, Bitcoin traded at $65,290, reflecting daily gains of approximately 4%. However, on a weekly basis, Bitcoin has incurred a decline exceeding 8%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/19/fe0faa9d5c83dc31bad754f3860835e0.webp" alt class="wp-image-170190" srcset="https://cdn.thebittimes.com/images/2024/04/19/fe0faa9d5c83dc31bad754f3860835e0.webp 675w, https://cdn.thebittimes.com/images/2024/04/19/fe0faa9d5c83dc31bad754f3860835e0.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Given Bitcoin’s short-term resilience, Santana’s insights warrant consideration, particularly as Bitcoin continues to test the crucial $63,000 support level, indicating the maiden crypto is not out of the woods yet.&nbsp;</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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-faces-the-mother-of-all-crashes-as-this-support-gets-retested-tbt85788.html">https://thebittimes.com/bitcoin-faces-the-mother-of-all-crashes-as-this-support-gets-retested-tbt85788.html</a></p>

Bitcoin faces the mother of all crashes as this support gets retested

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