With the recent crash below $61,000, BTC price is warning of a bearish continuation in the coming weeks. Growing bearishness in the crypto market warns of a canceled Uptober rally this year.
With the crucial support at $60,000 in jeopardy, will Bitcoin find a turning point before $50,000 in case of a breakdown? Will this BTC price crash reach $50,000? Let’s find out in our Bitcoin price analysis.
Bitcoin price performance
Amid the failed recovery opportunities, the short-term rejection of BTC price near the $64k level is leading to a new bear cycle. The reversal phase puts additional pressure on the $60,000 support with yesterday’s 2% decline.
Currently, the BTC price is trading at $60,686 with a small intraday gain of 0.17%. The downfall creates a lower high formation and warns of an extended bear cycle within the bearish channel.
In support of the technical analysis, Martinez Ali, in a recent one X message highlighted the Bitcoin price trend stuck in a descending channel. Based on his analysis, the middle limit of $58,000 and the lower limit of $52,000 are critical support levels. On the upside, a bullish breakout will require the BTC price to cross the $66,000 mark.
On-Chain reveals crucial support at $58,943
Based on the In/out of the Money around price, buyers with an average price between $51,000 and $69,000, 35.58% volume is ‘In the Money’.
Furthermore, the indicator points to the next critical support zone stretching from $58,943 to $60,755. Within this range, 1.56 million addresses purchased 679.42 thousand Bitcoin. Currently, the drag zone ranges from $60,828 to $62,640.
Will BTC Price Stay Above $60,000?
The short-term increase in supply pressure puts pressure on the $60,000 support. However, the 200D EMA acting as dynamic support adds strength.
Sequentially, a breakdown will test $58k and $55k to provide the next reversal spot. Conversely, a bullish turnaround will test the resistances at $64k and $66k.
Curious about Bitcoin’s October bull run? Check out Coinpedia’s Bitcoin (BTC) price prediction for an overview of long-term goals!