Bitcoin Price Prediction as Bears Hold on at $67K
The price of Bitcoin is still falling with more than 1% lost on Friday as the bears continue to dominate.
Quick overview
- Bitcoin's price has dropped 1.36% in the last 24 hours, currently sitting at $67,210 as bearish trends persist.
- Heavy ETF spot withdrawals totaling $375.11 million this week indicate a continued bearish control over Bitcoin's price.
- The cryptocurrency has lost 30% of its value over the past month, with analysts warning that it may not have reached its bottom yet.
- Despite some buying activity from whales, broader market conditions and investor sentiment remain negative, hindering Bitcoin's recovery.
The Bitcoin rate fell 1.36% over the last 24 hours and is down to $67,210 (BTC/USD) as the bears continue to keep their stranglehold on the coin.
Heavy ETF spot withdrawals worked to keep the Bitcoin (BTC) price low this week, with $375.11 million by Thursday. This marks four weeks in a row of withdrawals over inflows, cementing the notion that the bears are in charge of Bitcoin’s trajectory for now.
BTC/USDTrade volume for Bitcoin is down more than 4% for Friday and is part of a wider trend that tells analysts the token is not at the bottom yet. That bottom could be around $50 or 60K, some experts warn.
Bitcoin Demand Weakens
Losses continue this week from a starting point of $71K to a holding pattern near $67K. On Thursday there was a brief dip to $65K, indicating that the market is willing to test a price point lower than the current one. No support level or resistance level has been established recently for Bitcoin as it continues to decline from one psychologically important level to another.
The 30-day movement for the coin is even more disheartening for investors. A month ago, Bitcoin was valued at $96K, and it has since lost 30% of its worth. Investors are selling off their Bitcoin, and the wider market is panicking. The losses extended to Ethereum (ETH) and many other crypto tokens as well, as all the crypto market is being pulled under by Bitcoin’s downward spiral.
Bitcoin is still searching for the bottom and when it finds that bottom, it may start to build support and then climb back to key psychological levels. The market may be nearing that bottom, but it does not appear that the coin is done with its decline. The jump from $65K to $67K between Thursday and Friday does not tell us that the coin is bouncing back. That could simply be a short-term correction before further decline.
The whales are trying to help Bitcoin regain some of its lost ground, with Strategy (MSTR) buying up 1,142 bitcoins. That firm has been buying the dip on Bitcoin for years, and Strategy co-founder Michael Saylor is bullish on the coin still. However, Bitcoin has not seen any boost from an excellent jobs report that was stronger than anticipated.
Even a bullish stock market with record highs for several indices and leading stocks has not been enough to sway investors to give Bitcoin and the crypto market a chance lately. Strong bullish momentum should continue to push Bitcoin lower, but investors may be ready for the coin to consolidate soon and start to climb back up in the next few weeks.
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