With a minor growth in the US Bitcoin ETFs and a sharp decline in the US Ethereum ETFs, the crypto market is losing critical bullish support grounds. As the price of BTC drops to a low of $63,806 and ETH drops to $3.342, the crypto market has lost almost $250 million in the last 24 hours.
Will the market crash result in a price fall in Bitcoin to the $60K support zone? More importantly, is the Bitcoin price prediction of $100,000 in 2024 still achievable? Let’s try to find out with BTC price technical analysis.
Bitcoin Price Performance
Witnessing another intense hiccup in the BTC price rally to $70K, Bitcoin crashes to the 50D EMA, close to the $64K level. The downfall accounts for a crash of 5.74% and creates a streak of four consecutive bearish candles.
Further, the Bitcoin correction spree aligned with the major crash in Ethereum, and the sellers put additional pressure on the 50% Fibonacci level. Currently, the BTC price trades at $64,228, with an intraday drop of 1.74%, warning of an extended correction.
While the dynamic support of the 50D EMA stands strong, the fractured 50% Fib level reveals intense supply incoming.
Technical indicators:
RSI: The daily RSI line faces rejection from the overbought zone and approaches the halfway line. Thus, the declining momentum is visible in the RSI and warns of further correction if dropped under the 50% level.
EMA: Providing critical trend-deciding dynamic support, the 50D EMA is the centre of attraction for price action Bitcoin traders today.
In a recent tweet, the crypto analyst Ali_charts reveals a buying opportunity in the hourly chart. Using the TD Sequential indicator and the buy signal generation, Ali highlights a potential bounce back.
Will BTC Price Sustain Above $60K?
With the broader crypto market under critical conditions, the FUD sentiment is on the rise, and it warns of a crash ahead. Currently, the BTC price hangs tight to the $64K mark as the surrounding sentiments are declining.
With minimal chances of recovery, the sideline traders wait for the BTC price action near the 50D EMA. Further, the chances of a double bottom pattern do arise at the 50D EMA. However, the lack of divergence in the RSI warns otherwise.
A bullish comeback will likely boost the BTC price to the $68K swing high. On the downside, the next support levels are at $ 60K5 and $56K.