As the crypto market drops to $2.20T momentarily, the bearish influence is increasing again. The BTC price is back below $65k, and the Ethereum sell-off continues, dropping ETH to $2,630.
Current Market Situation
With a bullish reversal in the last few weeks, the BTC price peaked at $66,508 before taking a step back past weekend. Starting with a 1.60% drop this Monday, Bitcoin price is currently trading at $64,590.
Effects of the Bearish Trend
Forming a bearish engulfing candle, the BTC price action forms an evening star pattern near the overhead trendline. Further, the higher price rejection and the previous bear cycles from the trendline warn of a bullish failure. As the supply pressure grows, the downfall in Bitcoin is likely to retest the 50% Fibonacci level at $63,085. A post-retest reversal from the crucial level could ignite the October rally for a breakout rally above the channel. However, as the pullback momentum builds, the bullish crossover between the 50-day and 100-day EMA is under question. Further, the MACD and signal lines are preparing for a bearish crossover under pressure.
Future Bitcoin Price Predictions
A bullish breakout of the channel pattern will unleash the 6-month trapped momentum for a massive surge. Based on the Fibonacci levels, the uptrend in Bitcoin price will target the $68,943 and $73,679 levels. However, the crucial supports for the BTC price trend stand at $63,085 and the 100-day EMA at $61,504. Further, 59% of Polymarket participants agree and bet on the possibility of Bitcoin reaching a new all-time high in 2024.
The cryptocurrency market remains volatile, but historical analysis and technical indicators provide mixed signals. Investors should keep a close eye on trend developments.
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