Crash

bullish

Bitcoin

Amid the rising tensions between Israel, Iran, and Lebanon, crypto and global markets are bleeding heavily. The downfall has wiped out 10% or $230M of the total crypto market cap in the last five days.&nbsp;   
Leading to massive liquidations, Bitcoin traders lost more than $200M in long positions. As the downfall gains momentum, Bitcoin is back near $60K. Will this lead to a crash under $60K? Let’s find out now in our Bitcoin price analysis.&nbsp;   
<h2 class="wp-block-heading" id="h-bitcoin-price-performance">Bitcoin Price Performance</h2>   
With a bullish failure to sustain dominance above the $66,000 level, the BTC price takes a bearish turn. The market cap of Bitcoin has dropped by almost 8% over the last five days.&nbsp;   
Currently, the BTC price is trading at $60,471 after two bearish engulfing candles followed by a higher price rejection candle. This marks a second consecutive shooting star candle in the making.&nbsp;   
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 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/03154755/BTC-price-analysis-3rd-Oct-2024-1024x511.png" alt="BTC price analysis 3rd Oct 2024" class="wp-image-359402">
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<a href="https://www.tradingview.com/x/1KbyqoQH/" target="_blank" rel="noreferrer noopener nofollow">Tradingview</a>   
In the 1-hour chart, the bearish run forms a falling wedge pattern with a solid resistance trend line. However, on the bullish side, the possibility of a double bottom pattern arises at a critical support of $60,177.&nbsp;   
<h2 class="wp-block-heading" id="h-will-btc-price-sustain-above-60k">Will BTC Price Sustain Above $60K?</h2>   
The bullish divergence in the 1-hour RSI line increases the possibility of a double-bottom reversal. The neckline for the double bottom stands at $61,544, or the 23.60% Fibonacci level.&nbsp;   
The Fibonacci retracement is placed over the recent price swing between $66,000 and $60,000. A bullish breakout of the double bottom reversal will likely challenge the critical support trend resistance at 50% Fibonacci level at $63,000.&nbsp;   
Furthermore, a complete double-bottom reversal will lead to a falling wedge pattern breakout, increasing the chances of a price surge to the $66,000 top.   
Conversely, crucial supports are present at $60k, $57k, and $55k.&nbsp;Curious about Bitcoin’s bull run in October? Check out Coinpedia’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC) Price Prediction </a>for an overview of long-term targets!

Bitcoin Crash: BTC Price Hits $60k, Will It Crash More?

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