If the price falls below $61,000 and closes below that level, it could trigger a sell-off, dragging the price down to $57,000.
The highlight is that $51,000 represents a significant support level. If the bearish trend continues, the price could even drop as low as $47,000 or even $42,000.
DYOR before trading and investing!
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I'm anticipating that next week is going to be a big drop (due to the 4th Bitcoin Halving and Bitcoin ETF heavy outflow), probably $57,000 to $55,000 (also might be $51,000) or if this B. halving brings positivity, it will bounce from here to $65,500 and more upward.
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Within a 4-hour timeframe, Bitcoin encountered a resistance level of $65,500 as previously mentioned.
On a daily timeframe, a closing price above $65,500 is necessary for Bitcoin to reach the range of $67,700 to $70,000 potentially.
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In the weekly timeframe, it is crucial for Bitcoin price to close above the $64,200 level to maintain its current momentum. Failing to do so could lead to a significant decline. On the other hand, a sustained close above $67,500 would signal a continuation of bullish momentum.
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In the weekly & Monthly timeframe charts, Bitcoin price shows a decline could you be playing the 60k - 50k area
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In a daily timeframe - the price could fall to $60,814