Crypto: Bitcoin Slips Under $64k As Record-high Selling Intensifies: Where...

Bitcoin touched new lows under $64,000 as market selling reached a historic level, and analysts warn that the bottom is not in. Does data support analysts’ sub-$60,000 prediction?

Bitcoin (BTC) has fallen 13% over the past four days, sliding to $63,844 from $79,300. It is currently trading below $69,000, which is the 2021 bull market high, a level many see as a support level.

The drop was matched by a sharp decline in futures activity, with BTC’s open interest falling by more than $10 billion over the past seven days.

Analysts are now focusing on the long-term technical zones and onchain indicators that may signal a major turning point for BTC.

Bitcoin has dropped 13% in four days, slipping below the 2021 cycle high near $69,000 after a sharp leverage reset.

A key Bitcoin demand zone from $58,000 to $69,000 is supported by heavy transaction volume and the 200-week moving average.

Oversold technical and sentiment indicators suggest downside pressure may be peaking for BTC, even if a relief rally fails to manifest.

The $69,000 level represents the peak of the 2021 bull market. Prior cycle tops have historically acted as support during bear markets. In the last cycle, Bitcoin bottomed near the 2017 high of $19,600 before briefly dipping lower to about $16,000 in November 2022.

The current drop below $69,000 may follow this pattern. However, past cycles also show that prices can fall below prior highs before forming a final bottom. This keeps downside risk open for BTC.

Bitwise European Head of Research André Dragosch noted that a large share of recent transactions occurred between $58,000 and $69,000. This range also aligns with the 200-weekly moving average near $58,000, reinforcing it as a key demand zone.

Source: CoinTelegraph