The price of Bitcoin broke below $70,000 over the weekend, effectively erasing the gains of the previous week. This move puts the cryptocurrency at risk as these bulls are now struggling to find another major support or risk a deeper decline from here. According to one analyst, Bitcoin bulls need to recover and save $69,000 quickly to start another recovery.
Why Bitcoin Bulls Should Hold $69,000
According to crypto analysts TealstreetThese bulls will need to protect $69,000 so that the price of Bitcoin does not fall. The reason for this is that the price of Bitcoin has a chance to rise above to $73,000-$74,000 levels if this support is maintained. Following this, there is a chance of a final push to $76,000-$77,000.
Collaborative Reading
On the flip side, there is a lot of damage that looks like the bulls will lose $69,000. This move could lead to a decline of 5%, with the crypto expert putting the target between $64,000 and $66,000. While this decline may not be as effective as previous declines, it could be bad for altcoins, which are already struggling.
By Sunday, the price of Bitcoin broke below $ 69,000, but the bulls were able to maintain a level of $ 68,000, holding very close to the target. However, this means that the bulls are now in a tight spot and need to return $69,000 or watch the action.
BTC Still Stuck In The Control Zone
Another crypto expert, HAMED_AZ, too printed post in support of Bitcoin bearishness, saying that the digital economy has entered a correction phase. Due to this, the price of Bitcoin is expected to drop after the first push above the uptrend.
Collaborative Reading
If the price cannot overcome the resistance above the channel, then the downtrend will continue, which will lead to a decrease of 10%. The move will send Bitcoin’s price below $60,000 for the first time in over a year.
Alternatively, if the price can successfully test and break the resistance of the channel quickly, then the downtrend can be broken completely. This could lead to a push to $80,000 and possibly another run.
Image from Dall.E, chart from TradingView.com
