While Bitcoin struggles to stay above $65,000, a crypto expert warns of a possible price crash.
Alan Santana, an experienced cryptocurrency analyst, shared his thoughts on TradingView about how Bitcoin is not in the best technical situation. He highlighted that a double top was formed on May 21, as well as in June. This usually happens before a trend reversal from bull to bear, contributing to negative sentiments in the crypto space.
The analyst also pointed out decreasing trading volumes, indicating weak interest from investors, which could further push prices down, leading to a new low for Bitcoin.
He shared that short-term support levels are around $62,470 and a critical zone at $59,883. The last significant low was recorded at $56,552. It seems that Bitcoin could retest this zone again with potential even sharper declines towards $55,000 or $52,000, or maybe even $50,000 in the short term.
Additionally, Santana forecasted high volatility on June 21-23, which could lead to significant price fluctuations.
“The recent price action shows clear rejection. Bearish signals continue to accumulate, which could mean a new low is looming on the horizon.”
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If it falls below $59,856, then Bitcoin could go straight back to its previous low of $56,562. Rising above the descending channel could indicate a potential trend reversal, but first the resistance line of $67,485 must be overcome.
Santana’s analysis aligns with the overall sentiment for Bitcoin after the cryptocurrency failed to reach $70,000.
At the time of writing the article, Bitcoin is trading around $65,430 with a small daily loss. The situation on the weekly chart looks worse, as the cryptocurrency has dropped by more than 4%. Suffice it to say, this is a challenging week for Bitcoin, characterized by significant declines and unsuccessful recoveries.
The upcoming days will be crucial, as the resistance zone will be at $67,000, while the support level remains at $65,000. If Bitcoin continues to stay below these levels, it could confirm the bearish trend, potentially lowering the price.
