Bitcoin (BTC) Bulls ‘Under Threat’ as Downtrend Pattern Continues to Form: Expect a ‘High Probability’ Dip to This Price Level

According to TradingView analyst Maximilian_FX, the bullish structure for Bitcoin (BTC) is “under threat” as a downtrend pattern continues to form on the charts.

In a recent analysis, Maximilian_FX highlights that Bitcoin is currently trading around $64,000, testing the 0.618 and 0.5 Fibonacci retracement levels at $64,801 and $65,165 respectively. However, sellers are actively defending these levels, leading to a wave of corrections and sell-offs.

“The price is testing the 0.618 and 0.5 Fibonacci levels equivalent to the $64,801 and $65,165 levels, which are being actively defended by sellers on the basis of a wave of corrections and sell-offs,” the analyst explains.

While a price increase is possible, Maximilian_FX believes it is unlikely to last long when exposed to strong selling pressure around the EMA 34.89 operating zone. The bearish pressure suggests that the bullish structure is under threat, and the market is experiencing a sharp sell-off.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

“The technical down trend may continue, potential target with high probability at $61,782- $60,306 USD,” the analyst warns. The analyst concludes by asking traders, “And you, what is your goal? Do you expect a wave of correction?”

As the cryptocurrency market continues to exhibit volatility, traders and investors are closely monitoring technical patterns and analyst predictions to navigate the potential market movements.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

CaptainAltcoin
Logo