Bitcoin has now fallen back to one of the most important levels on the chart.
After losing both $65,700 and $65,000, price is now sitting right on $64,000 support.
This is the level we're watching.
If Bitcoin can hold above $64,000, we think there's a good chance buyers step back in and push price towards $65,000-$65,700 again.
If it loses $64,000, the next area we're watching is $63,000. That's the next major support level where we'd expect buyers to become much more active.
At the moment, we don't think this looks like panic selling.
Funding is still relatively healthy, open interest has cooled, and while ETF buying has slowed, it doesn't look like institutions have suddenly disappeared. To us, this still looks more like a normal pullback than the start of a much bigger move lower.
Our view is simple.
$64,000 is the line in the sand. Hold it, and Bitcoin can recover. Lose it, and we think a move towards $63,000 becomes much more likely.
After losing both $65,700 and $65,000, price is now sitting right on $64,000 support.
This is the level we're watching.
If Bitcoin can hold above $64,000, we think there's a good chance buyers step back in and push price towards $65,000-$65,700 again.
If it loses $64,000, the next area we're watching is $63,000. That's the next major support level where we'd expect buyers to become much more active.
At the moment, we don't think this looks like panic selling.
Funding is still relatively healthy, open interest has cooled, and while ETF buying has slowed, it doesn't look like institutions have suddenly disappeared. To us, this still looks more like a normal pullback than the start of a much bigger move lower.
Our view is simple.
$64,000 is the line in the sand. Hold it, and Bitcoin can recover. Lose it, and we think a move towards $63,000 becomes much more likely.