Amid ongoing market turmoil, the Bitcoin price has experienced a significant drop toward its $70,000 level. Notably, the crypto market has started the month of November on a negative note, suggesting a high possibility of a reversal in the historic market trends.
Further, investors are concerned about the short-term prospects of the largest cryptocurrency in the market. Moreover, investors have entered into a FOMO-like situation with questions like “Why is BTC falling?” and “How low will the Bitcoin price go?”.
After facing a strong rejection around its $73,500 level, the Bitcoin price has dropped ~5% over the past 70 hours. Moreover, with a 24-hour trading volume of $47.62 billion, it has lost 2.45% in the past day. This indicates increased selling pressure for it in the market.
However, it has added 3.21% to its portfolio over the past week and 15.24% during the past 30 days. With a YTD return of +65.99%, the Bitcoin crypto token is on the path of concluding 2024 positively.
The SMA indicator is on the verge of experiencing a bearish convergence in the 1D time frame. This highlights an increase in the selling pressure for the BTC token in the market.
The Moving Average Convergence Divergence (MACD) has displayed a constant decline in the green histogram with its averages hinting at a potential bearish convergence. This suggests a negative outlook for the star crypto this week.
Suppose, a bullish trend reversal occurs, in that case, the Bitcoin token could retest its important resistance level of $71,000. Maintaining the price above that level could set the stage for it to head toward its upper high of $73,750 in the coming time.
On the contrary, if the bears outrun the bulls, the price could retest its support trendline of $66,000. Furthermore, if the bearish sentiment intensifies, the project could plunge toward its lower support of $60k.
Wondering if this cryptocurrency will hit $100k this 2024? Read our Bitcoin (BTC) Price Prediction article to uncover the potential long-term price targets!
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