CryptoFeras recently discussed both optimistic and bearish scenarios for the price activity of Bitcoin on X, formerly Twitter.
He mentioned that Bitcoin’s price movement has followed the expected trend, with a belief that significant resistance and support levels might come into play.
The expert anticipates a possible decline, but if certain prerequisites are satisfied, there is also a sign of a compelling rally approaching.
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Bitcoin Price Faces Rejection at $64.4K Resistance
CryptoFeras noted that Bitcoin’s price experienced a sharp rejection at the $64.4k level, a significant resistance zone that has held the price in check. After hitting this level, BTC retraced and landed on previous support of around $60k.
According to the chart analysis, this area has acted as a reliable support zone, holding the price from further decline. CryptoFeras analysis reveals a historical price interaction at these levels. After the rejection at $64.4k, the bounce at $60k was followed by a minor uptick.
However, the general sentiment remains cautious, with the expectation of another downward move toward the $57k mark.
Will Bitcoin Price Drop to $57K Before a Rally?
CryptoFeras’s analysis points to a likely continuation of the downtrend, with Bitcoin’s price expected to drop to the $57k support level. This view is supported by the chart analysis, which identifies the $57k area as a key support, coinciding with the Golden Pocket Fibonacci retracement zone (61.8%).
The BTC chart also highlights a bearish EMA crossover, further indicating short-term bearish pressure on Bitcoin’s price. Feras mentioned that unless BTC bulls flip the $64.8k resistance into support, a drop to $57k is expected.
He also noted that after this correction, a “strong rally” could occur, signaling a potential reversal from these lower levels.
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Bulls Need to Flip 64.8K for a Reversal
The $64.8k resistance level appears to be the critical point that could shift Bitcoin’s price momentum. Feras pointed out that a clean break above this level could invalidate the current bearish outlook and lead to a more bullish scenario.
Despite the current bearish signals, BTC has shown resilience at key support levels, with the Weekly MA 50 also acting as a dynamic support around the $57k range. Moreover, if Bitcoin can hold above this level and break through the $64.8k resistance, CryptoFeras expects a significant rally to follow.
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