Bitcoin
Here’s Why It Could Be a “Do or Die” Weekend for BTC Price
After losing the $65,000 support, Bitcoin price is now using all its strength to maintain the $64,000 support. Selling pressure on the token intensified, which forced the price to break below lower support. As weekend trading approaches, one can expect a greater possibility of massive price movements. As the bears’ dominance grew, the BTC Price it is more likely to form new lows.
Similar to the previous collapse in the early days of May, BTC bulls are scrambling to validate a fake, trapping the bears. Both graphic and technical formations have shown a similar formation, due to which a recovery seems more likely. However, the recovery continues to fall short of the required purchase volume, making weekend trading uncertain.
On the other hand, the price continues to have upside and downside possibilities, so it would be interesting to see which trade will perform well.
The daily BTC price chart suggests that the token has lost some of its important levels, which has increased bullish uncertainty. Buying pressure has intensified, due to which the rally is constantly extending within the descending wedge. However, the levels have broken the ascending triangle and therefore more bearish price action could be on the horizon. The falling RSI, increasing selling pressure within the MACD, the price reaching the lower bands of the Gaussian channel and both the A and B ranges of the Ichimoku cloud moving towards a bearish crossover support the bearish narrative.
Now as the price moves towards the final week of the quarter, major price action is expected, which could flow in either direction. The price is oscillating between two trend reversal zones at $67,560 and $62,678.87, which are the tentative resistance and support levels. A pass through any of these levels could decide the next course of action, as a failure to hold lower support could start a further drop below $60,000, while a rally higher could push levels back towards $70,000 .