Bitcoin Price Upside Potential Below 65,000 USD: Analysis and Forecast
Bitcoin price is experiencing a decline below the $65,000 level, however, analysts believe that it could head towards a new increase if bulls remain active above the $60,000 region.
Recently, Bitcoin price saw an increase surpassing $70,000 and approaching the resistance zone of $74,000. A new all-time high was set near $73,835 before the price began to correct.
The bears can sink the price below the 23.6% Fib retracement level of the upward move from the $50,941 swing low to $73,835 high. The current critical support level is $71,000.
In particular, the price has spiked below $62,000, and the bulls have been operating near the 50% Fib retracement level.
Bitcoin is currently trading below $65,000 with immediate resistance on the upside near $64,500. The next major resistance could be near the $65,500 area.
A fresh move above $65,500 could take the price up to $68,500, from where BTC price could continue to rise towards $70,000. However, without any upside breakout occurring, BTC could continue to fall towards $62,400.
