Is Bitcoin Going Bearish with New Decline?
Bitcoin is down today after a recent surge and may be headed for further decline before it turns around.
Bitcoin (BTC) is down once more, falling by 1.96% today to $62,275 (BTC/USD), which has many investors wondering if they are about to see the token go into a bearish trend that drops it below $60K once more.
Bitcoin had recently surged, reaching as high as $65,399 over the last week. That climb had many traders thinking that Bitcoin was on its way up and was starting to recover, but then the price began to slide again. Bitcoin just cannot catch a break.
The token has had a tumultuous few weeks, where it should have skyrocketed past $70K, it is instead finding resistance around $65,000 and staying well below its historic highs from earlier in the year.
This was supposed to be the year that Bitcoin achieved a price of $100,000 and even $150,000. It looked like Bitcoin was on track to do just that when it was surging early on in 2024, but then just before the halving event, the coin slowed down. Investors started bailing and inflation began rising, making it difficult for Bitcoin to keep a high rate.
The Path ahead for Bitcoin
This new decline is likely to slow down Bitcoin for a few days. Since Bitcoin has turned around, a number of investors are likely to lose confidence and not wait any longer to sell off their Bitcoin tokens.
We expect the coin to stay down for the next couple of days, hovering around the $60,000 level before climbing back up. As much as Biotin has dipped over the last 24 hours, it is probable that it will dip a little more in the next few days. We suggest investors wait for a further drop before investing.
Bitcoin is still a high value cryptocurrency with a lot of potential this year. The price is going to soar back up in the near future, so buying on the dip would be a smart move, even if investors do not wait for any further decline before buying in. We expect $65,000 to prove to be a resistance level for a little while longer, but Bitcoin should push past that in the next month, at least for a short period.
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