Are Bitcoin going to $ 65K? Merchants still explain why they are still weak.

BITCOIN (BTC) rebounded to 14% after plunging to four months, nearly $ 76,600 on March 11, but the BTC price dropped by about 25% from a record of about $ 110,000, which is normal for “bull market correction.”

Nevertheless, some analysts expect the price of bitcoin to continue in the future.

“Dark Cloud” is toppings by Bitcoin.

According to the analysis shared by GDXTRADER, Bitcoin is faced with a renewed weakness after rejecting $ 87,470, a lower channel resistance.

The dark cloud cover pattern occurs when a strong green candle and a red candle closed below the middle point of the first candle.

This change of emotions indicates that the buyer has tried to pursue higher, but was overwhelmed by the seller and often leads to more disadvantages.

GDXTRADER says that Bitcoin is not closed in the $ 90,000-$ 93,000 resistance zone, and that cryptocurrency will be pressure to be weak unless it is decisively violated.

BTC price “perfect rejection” is in danger of $ 65,000.

According to the analysis of the popular merchant Credibull Crypto, Bitcoin’s reduction potential is more resistant and more than “perfect rejection” after testing $ 86,000-88,000 as resistance.

relevant: The reason why Bitcoin Price can’t go up to $ 87.5K is as follows:

In particular, Bitcoin attempted to break to the local supply area marked in red, but could not maintain the resistance zone marked with orange circle in the chart below.

If the supply area was not recovered, the probability of falling about $ 77,000-79,000 (emphasis on green) by March was increased to low support levels. Testing this area with support, the price rebounded in March.

Nevertheless, if this support area is stopped, the deeper movement under the $ 77,000-79,000 area can be extended to the $ 65,000-74,000 area, the larger green liquidity zone of the chart in April.

Analyst George shared a similar view as below.

In the bear flag pattern, it is difficult to maintain strength.

According to Analyst Cryptopus, BITCOIN is closely correlated with traditional stock markets, especially S & P 500 (SPX) and NASDAQ 100 (NDX).

Bear flags are formed when the price is higher in the parallel parallel channel. If the price falls below the trend line, it will be solved by falling by the height of the previous downturn.

BTC follows a similar bear flag and serves as a trend line with a low $ 84,000. Rest under this critical value can cause deeper selling to $ 72,000, depending on the technical rules described above.

Moreover, the correlation with Bitcoin’s stocks increased due to a broad decrease in dangerous feelings led by President Donald Trump’s world trade war.

Arthur Breitman, co -founder of Tezos, called the US recession as one of the biggest external risks of the encryption market.

This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.