Bitcoin Under $62K Warns A 10% Crash Next Week?

Bitcoin (BTC) is experiencing significant bearish pressure, evidenced by nearly $90 million in long liquidations and a 4.44% drop in the past 72 hours. This downward trend has spilled over into the altcoin sector, amplifying the bearish sentiment across the market.

In April 2024, BTC witnessed its first bearish month since August 2023, with a notable 15% drop. While some view this as a healthy correction following a prolonged uptrend, others question whether it marks the end of Bitcoin's upward trajectory or if the prediction of reaching the $100,000 milestone will come to fruition.

BTC Price Performance

Bitcoin, boasting a market cap of $1.213 trillion, is currently trading at $61,516, reflecting a 6.63% return over the past week. As the dominant player in the crypto market, any movement in BTC's price tends to have a ripple effect on the broader altcoin sector.

During April's decline, BTC experienced a significant pullback, breaching the support trendline. Although a short-term bullish reversal occurred last weekend, the subsequent retest has led to another dip, testing bullish momentum at the $62,000 demand zone.

Presently, BTC is trading at $61,482, with a modest intraday move of 0.49%. While there is an increase in supply indicating bearish sentiment, the daily Relative Strength Index (RSI) suggests a potential bullish reversal. After rebounding from oversold levels, the RSI is trending closer to the midpoint, hinting at a possible bullish resurgence.

https://coinpedia.org/price-analysis/bitcoin-under-62k-warns-a-10-crash-next-week/