Bitcoin Post Below $70,000 Reveals Bull Trap, Will BTC Price Drop to $65,000? appeared first on Coinpedia Fintech News
Following the massive 7.73% rally overnight, Bitcoin price reveals buyers' exhaustion to sustain the trend. BTC price fell 1.7% last night and is starting the Asian trading hours on a bearish note.
Trading below $70,000 levels, buyers are receiving overall supply pressure as the bullish trap is revealed. Will the short correction start a bearish rush to slide BTC price below the $65,000 mark? Or is it simply a new test before a massive surge to a new all-time high?
Let's look at our detailed price analysis to get a clearer view of the BTC price trend. Additionally, you can check out our Bitcoin price prediction to find out the chances of Bitcoin reaching the $100,000 milestone this year.
BTC price performance
Almost reaching an all-time high, BTC price fails to sustain the rally above $71,000, resulting in a reversal within 24 hours. Bitcoin drops 1.77% and retests the 23.60% Fibonacci level at $68,823 with lower price rejection.
Commercial view
The rejection of the lower price reinforces the bullish view and the reversal after the retest continues the prevailing trend. Furthermore, the bullish breakout of the flag pattern causes a jump beyond the all-time high of $73,794.
However, if we take a closer look, the $71,400 level is now rejecting the bullish attempt for the third time. Therefore, a high supply zone is visible and warns of a bearish turn.
