The world of Bitcoin is currently in the grip of a bearish formation, with bulls struggling to regain control after suffering losses on April 2nd. Despite a promising outlook from a broader perspective, the past week has seen a significant 6% decline, compounded by the sharp drop on April 2nd, leaving sellers with the upper hand in price action.
Bitcoin holds steady in spot rates, but recent market fluctuations have left traders on edge. Despite a 6% dip in the past week, the coin remains resilient. However, with cautious traders pulling back, trading volume has also taken a 29% hit in the last 24 hours. Unless there is a sign of a rebound, it seems participation will continue to be held back.
Over the next 24 hours, the following Bitcoin news events could impact sentiment:
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Bitcoin Price Analysis
Bitcoin is feeling the heat as it struggles against the current market trends. A glance at the daily chart reveals a bearish outlook, with prices hovering within the ominous shadow of April 2nd.
The bears are firmly in control, making it a challenging time for BTC/USD traders.
In terms of technical analysis, the immediate hurdles lie at $68,500 and $69,000, while a drop below $64,500 could spell disaster for Bitcoin.
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The stakes are high as the market awaits a breakout, which will determine the next phase of this volatile ride.
A dip below $64,500 could trigger a downward spiral, potentially sending Bitcoin tumbling to a low of $60,000. Brace yourself for a wild ride ahead.
On the other hand, brace yourselves for the skyrocketing prices above $69,000 and $71,700, as they will serve as the ultimate springboard for a thrilling retest of the record-breaking high of $73,800.