World

Bitcoin

The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-price-dips-below-65k-can-the-bearish-trend-flip-today/">Bitcoin Price Prediction: Price Dips Below $65k, Can the Bearish Trend Flip Today?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The current state of the cryptocurrency market, particularly Bitcoin and Ethereum, are constantly refusing to give a clear indication of ‘what’s next?’ <a href="https://www.youtube.com/watch?v=C3hSK2qHxiI" target="_blank" rel="noreferrer noopener nofollow">Analyst Josh of Crypto World</a> said that there is a major warning signal flashing on the Bitcoin chart as the price is facing rejection from a critical resistance area. 
Looking at the chart, the analyst notes that not much has changed over the last day. A key observation is the bullish movement in the DXY (US Dollar Index), which is setting new highs in its short-term trend. This bullish trend in the DXY is a bearish signal for Bitcoin and crypto, as historically, a rising DXY correlates with falling Bitcoin prices. 
The analyst explains that while we may still be in a larger bull market for longer time frames, the short-term <a href="https://coinpedia.org/news/bitcoin-price-targets-no-confirmation-of-bearish-bias-bulls-to-soon-revisit-67000-levels/" target="_blank" rel="noreferrer noopener">trend for Bitcoin is bearish</a>. This bearish trend is expected to continue as long as the DXY remains bullish. For the short-term trend to flip bullish, a bearish reversal in the DXY is necessary, which has not yet happened. 
<h2 class="wp-block-heading" id="h-what-s-next-for-bitcoin">What’s next for Bitcoin?</h2> 
Analysing the daily <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> chart, the analyst observes a rejection from the resistance area between $67,000 and $68,000, with a pullback occurring as the price approached this level. This suggests significant selling pressure in this resistance zone. The analyst advises against turning overly bullish until a confirmed breakout above $68,000 occurs. Key support levels to watch are between $63,000 and $64,000. If Bitcoin breaks below $63,000, it could drop further to previous lows around $60,000, $58,000, and $56,000. 
Despite these short-term bearish trends, the analyst notes that as long as Bitcoin remains above the previous low of $56,000 to $58,000, the larger bull market could still be intact. The market may be in a massive sideways consolidation similar to past patterns. 
Read Also: <a href="https://coinpedia.org/news/solanas-monthly-active-addresses-hit-record-high-amid-etf-buzz/" target="_blank" rel="noreferrer noopener">Solana’s Monthly Active Addresses Hit Record High Amid ETF Buzz</a>

Bitcoin Price Prediction: Price Dips Below $65k, Can the Bearish Trend Flip Today?

Daftar Isi

CoinPedia News

Artikel lain yang dipublikasikan pada 22 Jun 2024

Spot Ethereum ETF Applicants Updated S-1 Forms, Raising Launch Expectations

MoonBag’s Ironclad Security Makes It the Top Crypto Presale in June 2024, Igniting Bullish Fervor...

JASMY and FLOKI Flop Dropping Almost 30%, AlexTheDoge Become Meme Saviour Rallying 100%

Chainlink (LINK) Skyrockets 1,453% in Whale Activity, Massive Move Coming?

Worldcoin Price Prediction:Turning Point or Temporary Thrill

Why Bitcoin Traders Should Wait: BTC Analyst Highlights This Critical Range – Here’s His Outlook

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!