Bitcoin [BTC] takes a wild ride as it plunges 16.67% in just five days, dropping from its peak of $72.8k to a low of $60.6k this past Saturday.
While technical analysis shows a bullish outlook in the long term, the market remains on edge as $314 million worth of assets were liquidated in the last 24 hours. Brace yourselves for more turbulence as BTC could potentially dip back down to the $60k range.
With the looming threat of a Middle Eastern conflict, the already volatile cryptocurrency market may not find stability anytime soon.
The market structure remained intact
Amidst the tumultuous market, a resilient swing low emerged at $60.7k in mid-March, standing strong against the recent dip. Despite the bullish structure, the bears seemed to hold the upper hand in terms of momentum.
A closer look at the RSI showed a reading of 38.9, hinting at a potential downturn. However, the OBV valiantly defended a key support level that had previously acted as a formidable resistance in February.
In the world of Bitcoin this April as experts predict a potential dip towards the coveted $60k mark. As the market heats up and liquidity builds around the recent low of $60.6k, all eyes are on the heatmap for clues on the next big price move.
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Will we see $55k soon?
A massive concentration of $60.6k liquidation levels were taken out during the recent market plunge. But fear not, as BTC has rebounded by a staggering 7% in just a few short hours. Will it be drawn to the alluring liquidity pocket at $75k? Only time will tell. With the halving on the horizon and concerns over selling pressure from traditional markets, the upcoming week is shrouded in uncertainty.
According to AMBCrypto’s estimation, the beloved cryptocurrency is poised to hover between $64k-$68.5k for a bit. But don’t let that lull you into a false sense of security, as a potential dip to $60k is on the horizon. And who knows, it may even take a plunge to the $55k territory before making a comeback.