Bitcoin’s recent surge to nearly $74,000 has been met with a significant pullback, dropping approximately 8% and hovering around the $66,000 mark. Notably, the investors’ sentiment appears divided as some capitalize on profits, while others tread cautiously ahead of the Federal Open Market Committee (FOMC) policy rates’ decision next week.
Meanwhile, amid this backdrop, popular analysts have provided insights into BTC’s potential price movements, key support, and resistance levels.
Bitcoin Price Might Face Further Decline
The recent retracement in Bitcoin price has sparked concerns among the crypto market enthusiasts. Notably, most of the major altcoins also followed Bitcoin’s price momentum, resulting in a massive sell-off in the crypto market.
Amid the uncertainties, prominent crypto analysts have offered key insights on Bitcoin’s price in a recent X post. Notably, according to renowned crypto market analyst Ali Martinez, Bitcoin has established a robust support range between $64,750 and $66,700.
Meanwhile, Martinez emphasizes the importance of monitoring this level closely, as a breach could lead to a shift towards the next significant demand zone between $60,760 and $62,790. Conversely, Bitcoin faces formidable resistance between $70,180 and $71,340, fortified by a substantial number of addresses holding significant BTC amounts.
However, in another social media post, Martinez emphasized the recent dip in Bitcoin’s price as a buying opportunity, echoing sentiments of optimism from other market pundits anticipating a potential rally.
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Market Sentiment Amid Uncertainty & Halving Anticipation
Another notable analyst, Rekt Capital, presents a cautionary perspective, suggesting that Bitcoin is nearing the “Danger Zone” historically associated with pre-halving retraces. In a recent X post, Rekt Capital shared an analysis, which showed that Bitcoin is poised to enter the “Danger Zone” in four days.
Meanwhile, he notes that the previous data indicates retraces of 20% in 2020 and 40% in 2016, occurring 14-28 days before the Bitcoin Halving. With Bitcoin currently around 32 days away from the event and experiencing an 11% pullback this week, investors await developments eagerly.
However, despite short-term fluctuations, several market pundits remain optimistic, fueled by anticipation over the upcoming halving event. However, analysts caution against overlooking the potential impact of market dynamics and external factors on Bitcoin’s price trajectory.
Meanwhile, as BTC approaches critical support and resistance levels, market participants remain vigilant, closely monitoring developments for insights into potential price movements. Whether Bitcoin dips below $61,000 or surges to new highs, the market continues to navigate with a blend of caution and anticipation, seeking clarity amid the evolving landscape of digital assets.
Notably, the Bitcoin price was down 7.11% and traded at $67,684.23 during writing, with its trading volume soaring 91.21% to $85.58 billion. The crypto has touched a low of $65,630.69 and a high of $73,063.22 in the last 24 hours, reflecting the volatile condition in the market.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
