Bitcoin price is trading with a bearish bias, making a series of lower highs in the past two weeks. Currently, it is trading at an immediate support level as the 50% Fibonacci placeholder is at $65,128 and is deep in the golden zone.

The market favors the bears as the relative strength index (RSI) is below the 50 average level and buyer momentum is weak. The moving average convergence divergence (MACD) indicator is also in the negative zone below the signal line, underscoring the bearish thesis.

If the selling pressure increases, Bitcoin price could test the critical support level of $64,000, which was the lowest point in Tuesday’s trading session. In the worst case scenario, it could drop to the most critical Fibonacci retracement level of 61.8%, below which the downtrend would consolidate in the short term.

On the other hand, if the bullish momentum continues and the $65,128 support holds, the price of Bitcoin could shift around this support and change direction. In this case, only a candle close above the 23.6% Fibonacci retracement level of $69,595 would prove that the price of Bitcoin does not fall into the hands of the bears.

Therefore, traders looking to enter a long or short position in Bitcoin should wait for a decisive breakout of the Fibonacci Golden Zone. Key Fibonacci retracement levels within the Golden Zone typically include the 38.2%, 50%, and 61.8%. These levels are derived from the Fibonacci sequence and are considered to represent potential areas where the price of an asset could reverse or consolidate before continuing in its previous direction

Analyzing from the 4-hour candlestick chart of Bitcoin, the super-large positive line successfully broke through the middle track of the Bollinger Bands, which is a typical rising signal. The current price of Bitcoin is around $65,880. This rebound is likely to reach the $67,000 pressure line.

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In conclusion, cryptocurrency market dynamics, highlighted by massive Bitcoin trading, ETF outflows, and bold predictions from experts, paint a complex and interesting picture.