Bitcoin Down 8% In 4 Days, Will BTC Lose $60,000 Or Bounce Above $64,000?
Bitcoin is down nearly 10% in the past four days. If sellers break below $60,000, BTC may drop towards August lows.
Bitcoin is stable, containing losses yesterday, but the path of least resistance remains. Unless otherwise, there is a refreshing bounce toward $66,000, which will help recover losses for the better part of the week, the downtrend remains. If anything, there is real risk of the world’s most valuable coin dumping below $60,000 and the local support at around $57,000 should bears press on. Interestingly, Bitcoin is losing ground amid a wave of demand from BlackRock, looking at how it has been loading up coins on behalf of its clients.
The sell-off of the last four days has pushed BTC down nearly 10% from September highs. Although there are fears of more losses, yesterday was more balanced. Sellers are still in control. In the past 24 hours, Bitcoin is stable but down nearly 7% in the previous week. At the same time, the average trading volume in the past 24 hours is decent, at $34 billion.
Bitcoin traders are monitoring the following trending news:
- Miners are crucial in the Bitcoin ecosystem. According to the latest data, these entities are sending fewer coins than they did after the Halving event in April. The more they slow down on their liquidation, the slower the downtrend is since the selling pressure will slow down.
- With Bitcoin down, this is the worst start for any October, looking at price trends over the last ten years. All the same, Q4 2024 tends to be bullish, a positive encouragement for optimistic buyers.
Bitcoin Price Analysis
BTC/USD is under pressure when writing.
It is sliding and weak, losing roughly 10% in the past week alone.
The local resistance is at around $64,000, while support is at $60,000.
If sellers press on and Bitcoin loses $60,000, the coin may plunge to as low as $57,000.
Conversely, any expansion above $64,000 may trigger a wave of buying pressure, lifting the coin back to $66,000 or September highs.
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