Bittime - Bitcoin (BTC) experienced some pressure recently, with the price dropping back to crucial support at $64,000. N
However, strong buying emerged at this level, pushing the BTC price back above $65,500. The question: does this signal a new local bottom, or just a brief correction before further declines?
Bitcoin (BTC) Price Performance
The price drop over the past few weeks has brought BTC down around 9%, and even 11% when considering the drop below $64,000 on Tuesday (as of this writing). Investors are wondering whether the correction is over or whether there is still potential for further declines.
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Bitcoin (BTC) Strong Support at $64,000
Source: Cryptodaily
As can be seen on the daily chart, BTC price did penetrate the support of $65,500, but it has not been confirmed as new resistance because there was no close below that level on Wednesday. A drop to $64,000 indicates that this level is strong buying support.
Also Read How to Buy Crypto:
Bitcoin (BTC) Weekly Trend Line and Support
The weekly chart provides a broader picture. If BTC is able to stay above $65,000, it will also likely maintain support at the ascending trend line.
A weekly close is needed to confirm this support level, or for price to break the trend line and open a new candle below it.
Bitcoin at Important Fibonacci Level $60,000
Fibonacci levels provide key support figures. It is worth noting that $60,000 has acted as support for 7 of the previous 16 weeks.
If the trend line is broken, the $60,000 level is at risk of collapsing, with $52,000 and $46,000 being the final support before entering a potential bear market.
Bitcoin (BTC) Oversold and Potential Bounce
Despite facing various headwinds such as post-halving miner sell-off, profit-taking by long-term investors, and price arbitrage by hedge funds, a price bounce may still occur, even in this week or next week.
BTC is starting to enter oversold territory in the mid and upper term, so upward momentum has the potential to push prices higher.
BTC/IDR Price Today
According to Bittime trade data, the price of BTC/IDR has decreased. In the last 24 hours, BTC decreased -0.30%. Currently, BTC/IDR is traded for IDR 1,073,632,988.
Conclusion
Bitcoin price movements in the last few weeks have shown high volatility. The $64,000 support level could prove crucial, and further price movement will depend on whether BTC is able to break back through the $65,500 resistance and maintain the upward trendline.
Investors need to monitor oversold indicators and potential bounces, but also consider the risk of further downside if key support levels are breached.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is a Trendline in Trading: A Complete Guide for Beginners
The First Solana Summit Event Will Be Held in Kuala Lumpur
Guide on How to Conduct Cryptocurrency Analysis in 2024
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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