The Potential Minimum Level That Bitcoin's Price Can Reach

Multiple technical signals suggest that the price of Bitcoin could decline to $63,000 in the upcoming weeks.

Source: www.birgun.net

Bitcoin is encountering fresh lower price targets after experiencing an 8% drop over the past seven days. Traders and analysts are deliberating on the possibility of further market declines and speculating on the potential depths of these downturns.

Is It Possible For The Price Of Bitcoin To Decline To $63,000?

Following a failed attempt to surpass $70,000 on June 12, Bitcoin retraced towards the $66,000 demand zone. As of the latest data from CoinMarketCap, Bitcoin is trading at $66,842, marking a 4% decrease over the past 24 hours.

Renowned analyst Mark Cullen, using the Elliott Wave method, suggests that a final downward move is imminent, potentially taking Bitcoin to around $63,000. Cullen emphasized in a June 11 post that Bitcoin continues to trend downwards, indicating further potential decline. Similarly, analyst Matthew Hyland highlighted that BTC/USD is currently above a crucial support level at $67,000, serving as the first defense line before potentially printing lower lows. Hyland shared a chart indicating consolidation on longer timeframes, suggesting a potential continuation of the uptrend. However, if the price falls below the mentioned support level, Hyland sets a lower target for Bitcoin around $64,700. The projected demand zone between $63,000 and $65,000 would mark Bitcoin's lowest price since mid-May, representing a substantial drawdown of approximately 15% from its recent all-time highs.

The Bitcoin Price Has Dipped Below A Significant Moving Average

Continuing his analysis, MN Capital founder Michael van de Poppe delved into Bitcoin's price action on a daily timeframe to gauge the support levels the cryptocurrency relied on amidst its decline. Sharing a chart on X, van de Poppe observed that BTC/USD had breached its 50-day exponential moving average (EMA), currently positioned at $67,011. Despite this, he noted that the price still clung to a critical support level above $66,000, where the 100-day EMA resides.

A closer examination of the daily chart revealed that Bitcoin had also relinquished this support during the recent downturn, heightening the possibility of further declines. The 200-day EMA, situated at $64,000, now emerges as the final barrier for Bitcoin in the short term, potentially limiting its downside. The downward trajectory exhibited by the relative strength index (RSI) and the price strength at 44 indicated a preference for bearish market conditions. Interestingly, data indicated substantial liquidity accumulation between $63,000 and $65,500 over the preceding 30 days.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.