Bitcoin (BTC) price failed to hold above critical levels, raising the possibility of a pullback to the support zone. If the cryptocurrency king’s price does not rise above $61,000 by the end of the week, fears of bears taking control increase.
Bitcoin’s Price is Falling
Bitcoin’s price struggles to rise above $62,000. Bulls are having great difficulty maintaining support at $61,000. The current trading structure indicates that the largest cryptocurrency is in a downtrend, leading to expectations of targets below $55,000. As bulls fail to sustain the uptrend, the likelihood of visiting lower support levels has emerged. However, despite the bearish possibilities, Bitcoin still has a slight chance of rising.
One of the important tools used to understand market participants’ sentiments is the order book. This book shows the current buy and sell orders for a particular cryptocurrency. According to the latest update, the $60,000 sell wall in Bitcoin’s price has been broken. This indicates that market participants do not want to sell BTC or place stop-loss orders at these levels. In short, it can be considered a potentially positive sign.
Can $65,000 Be Retested?
With all this, the question of whether Bitcoin’s price can retest $65,000 in the second half of the month is one of the main issues investors are curious about. Some time ago, the cryptocurrency king’s price entered a descending channel and fell to levels below $55,000.
Although the price briefly retested this level, it re-entered a downtrend. Currently, BTC is moving towards the key support around $57,600. If bulls cannot maintain these levels, bears may push the price below $55,000.
On the other hand, unfortunately, the Gaussian channel has entered a downtrend in the short term, and the overall trend is sharply bearish. Additionally, the Relative Strength Index (RSI) cannot rise above support and is bottoming out. Therefore, Bitcoin’s price is expected to test levels below $58,000 in the coming days. If bulls cannot initiate a recovery, the price may pull back to $54,500.
