At the time of writing this article, the price of BTC has dropped below $65,300, signaling potential deeper losses in the near future. Many new investors expect prices to always increase, but this is not the case in the crypto market or any other market. Periodic declines are normal and necessary for a healthy market growth. So, what can we infer from the current status of BTC?

Has Bitcoin's Downtrend Concluded?

No, BTC has not yet shown signs of recovery and has recently hit a daily low at $64,493. While buyers may intervene soon, the outlook for the upcoming hours does not seem promising due to several factors. Let's address these reasons in bullet points:

• ETF data shows low volumes and a modest net entry of $36 million on April 2, apart from ARKB outflows of $87.5 million.
• The ETF channel has not witnessed significant net entries since March 18, possibly due to investor pessimism regarding potential declines before the halving.
• BTC struggled to surpass $71,500, leading to downward movement and lack of substantial demand at lower levels.
• Daily volatility tends to increase as Asian markets wake up and US markets open, potentially accelerating declines.
• Upcoming US economic data releases on Friday may impact investor sentiment, particularly concerning inflation and Fed policy.
• Negative news related to Silkroad sales and ongoing concerns with Coinbase and Binance pose additional risks.

Bitcoin Price Projections

Looking ahead, current prices could present medium-term attractiveness considering historical data suggesting bull markets until mid-2025. However, investors are focusing more on short-term risks and potential entries at lower price levels.

BTC currently appears poised for further sell-off towards the $63,970 support level, with additional supports at $61,250 and $58,850. Unless the price surpasses $67,915, short-term negativity is expected to persist. Extreme sell-offs could drive the price down to $59,000, $54,356, and $51,000 before the halving. However, the unpredictable nature of crypto markets reminds us not to be overly confident about price movements.

For more information, refer to the original post on COINTURK NEWS: Understanding Bitcoin’s Current Price Dynamics