As investors aim for new peaks, today Bitcoin dropped below $65,000 again. The daily loss exceeded 3%. This decline, dangerous for altcoins, quickly erased gains. In the coming hours, we might see important support levels breached again. So, what’s the next target for Bitcoin?
Bitcoin (BTC)
As this article is being prepared, the price of Bitcoin (BTC) stands at $65,000. The recent drop that caused altcoins to fall back to support zones could trigger larger losses. Despite some recovery following yesterday’s data, Bitcoin still cannot surpass new peaks, indicating a lack of appetite among investors.
Below $60,000, Bitcoin attracts strong demand but cannot overcome the $67,300 resistance. The upcoming PCE data on Friday could be a trigger for a new breakout. If the data falls below expectations, optimism for inflation data in April and the following months might increase, potentially moving the target for the first rate cut to September.
At this stage, historical data is not sufficiently guiding. Although there hasn’t been a sharp drop due to halving, geopolitical risks and global economic issues are increasing pressure. Spot Bitcoin ETF volumes in March are far from the impressive levels we are used to. Perhaps the significant rise in the first quarter, as some experts suggest, was merely an early pricing of the halving.
For now, investors will continue to be cautious with altcoins.
BTC and Crypto Currency Predictions
With the Bitcoin price dropping to $64,732, it explains why we haven’t seen rapid rises across altcoins. This movement, if supported by clear exits from ETF investors, could lead Bitcoin to search for new lows at the daily close. The April 24 ETF entry and exit data will arrive shortly before the daily close.
In the short term, if closures occur below $61,200, support levels at $59,700 and $57,000 are present. If larger sales occur, a collapse down to $51,170 could be seen, which would mean a roughly 20% drop. In altcoins, this could correspond to a potential 50% downturn.
Conversely, closures above $67,300 could initiate a new attempt towards $69,700 and $71,300. Subsequently, the often-discussed targets of $73,777 and $76,000 will be talked about.
