Bitcoin Struggles to Recover All-Time High as Bearish Sentiment Persists
The recent price movements of Bitcoin (BTC) have raised concerns among traders and investors, as the cryptocurrency fails to regain its all-time high above $73,000. Currently trading below the $70,000 mark, Bitcoin’s attempt to recover is facing hurdles and bearish price predictions. Traders anticipate a downward trajectory for Bitcoin in the short term, with a potential bottom formation and accumulation phase before any potential recovery.
Expert Warns of Sell-Off and Continued Downward Movement
Cryptocurrency trading expert Alan Santana has warned investors about a possible sell-off in a recent post on TradingView. Santana highlights Bitcoin’s bearish bias and predicts a continued downward trajectory for the cryptocurrency. He believes that Bitcoin’s next target could be around $59,000 in the short term, with potential support levels at $55,000 and even as low as $51,000-$53,000.
“Just keep in mind that the first crash will be fast and some 20-30% will disappear to not come back for 6-8 months,” Santana said.
Bitcoin’s Levels to Watch
Examining Bitcoin’s short-term trendlines, Santana observes that the cryptocurrency is currently confined within a bearish territory. This indicates a prevailing negative sentiment among traders. To shift towards bullish momentum, Bitcoin would need to surpass and close above $68,500. A preliminary positive indication would be a move above $66,666.
“For bullish potential to be considered or go back into play in this chart setup, Bitcoin needs to move and close above $68,500. Moving and closing above $66,666 is a good start. Any trading below $65,000 and the bearish bias remains strong while we wait for lower prices,” Santana added.
The recent volatility in Bitcoin’s price is attributed to overheated market conditions and outflows from spot Bitcoin exchange-traded funds (ETFs). The correction is also seen as a “pre-halving retrace.” Despite briefly touching the $68,000 mark earlier in the week, Bitcoin is currently trading at $64,5700 with losses of almost 5% in the last seven days. Reclaiming $65,000 is crucial for Bitcoin’s price, as continued trading below this mark could lead to further losses below $60,000.
Hot Take: Bitcoin Faces Hurdles in Recovery
Bitcoin’s struggle to recover its all-time high has resulted in bearish price predictions and a prevailing negative sentiment among traders. While some anticipate a downward trajectory and potential support levels at $59,000, others highlight the need for Bitcoin to surpass key resistance levels for any bullish potential. As Bitcoin continues to face hurdles in its recovery, investors should closely monitor its price movements and be prepared for further volatility in the cryptocurrency market.
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