Bitcoin Price Prediction: BTC Drops to $67,000 – Sell-Off Continues or Buy Opportunity?

Forex
May 29, 2024
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Bitcoin Price Prediction

The live Bitcoin price today is $67,325, reflecting a 1.43% decline in the last 24 hours, with a trading volume of $26.85 billion. Bitcoin remains the top-ranked cryptocurrency with a market cap of $1.33 trillion.

The circulating supply is 19.71 million BTC, nearing its maximum supply of 21 million coins. This recent dip raises questions about whether it’s a signal for a continued sell-off or a potential buying opportunity.

Bitcoin Price Plunged to $67,000; More Sell-off Ahead?

On the 4-hour chart, Bitcoin has breached the upward trendline around the $67,500 mark, that’s driving a bearish Bitcoin price prediction.

This bearish movement is further reinforced by the formation of a bearish engulfing candle below the 50 EMA level of $68,243. The Relative Strength Index (RSI) at 40 indicates a bearish momentum, suggesting further downside potential.

Key price levels to watch include the pivot point at $68,000, which is a crucial indicator for Bitcoin’s next move. Immediate resistance levels are at $68,250, $69,365, and $70,500.

On the support side, Bitcoin has immediate support at $67,000, followed by $66,601 and $65,911. The 50-day Exponential Moving Average (EMA) is currently at $68,243, which is providing significant resistance.

Bitcoin’s violation of the upward trendline and the formation of bearish patterns suggest a continuation of the downward trajectory.

The next significant support level is at $66,600, which could act as a potential price floor if the bearish trend persists. A breach of this level may lead to further declines towards $65,911 and $65,074.

Bitcoin Price Prediction – Source: Tradingview

Conversely, if Bitcoin manages to reclaim and hold above the pivot point of $68,000, it might face resistance at $68,250, and a breakthrough could lead to a recovery towards $69,365 and potentially $70,500.

Key Observations:

50 EMA: $68,243RSI: 40, indicating bearish momentumPivot Point: $68,000

Given the current technical setup, the outlook for Bitcoin remains bearish below the $68,000 pivot point. Traders should consider selling below this level, targeting $66,600, with a stop-loss placed above the $68,500 resistance to mitigate potential losses in case of a price reversal.

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