Based

2024

Bitcoin

<p class="p2">The <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-set-for-further-decline-as-bearish-sentiment-intensifies/">new week has been quite bearish for bitcoin</a>, with the price witnessing major crashes below multiple support levels. After losing its footing above $71,000, it has plunged further below $67,000, signaling the start of a downtrend. Amid the uncertainty, a crypto analyst has presented the important levels to watch as Bitcoin makes it descent, showing a possible direction for the price.</p> 
<h2 class="p2" id="bitcoin-enters-sideways-consolidation">Bitcoin Enters Sideways Consolidation</h2> 
<p class="p2">In an analysis on the TradingView platform, crypto analyst Bitcoin Signals revealed some important developments for the Bitcoin price. The first observation is the fact that the coin has entered a consolidation zone on the 4-hour chart. This <a href="https://www.newsbtc.com/news/bitcoin-price-falters-68k/">consolidation is currently taking place between $67,000 and $72,000</a>, an area that the price is currently skirting around.</p> 
<p class="p2">As a result of this development, the crypto analyst believes that short-term correction is forming for the cryptocurrency. This is behind the drop in price, and since then, <a href="https://www.newsbtc.com/news/ready-to-strike-bitcoin-poised-for-a-big-move-after-major-consolidation/">the BTC price</a> has broken down below important support levels such as $69,200, and on Tuesday morning, bears were able to pull the price below $67,000 after breaking below the support zone of $67,200 identified by Bitcoin Signals in the analysis.</p> 
<p class="p2">The crypto analyst further pointed out that the price could continue to move inside this range, which is where the correction is forming. However, there has been a falling wedge pattern that has been forming through the breakdown. According to the analyst, <a href="https://www.newsbtc.com/news/bitcoin-next-top-89200-crypto-analyst-suggests/">this could see the Bitcoin price break out</a> of the $69,200 resistance once again and make another run for $72,000.</p> 
<p class="p2">Based on the analysis, the crypto analyst believe that the price could continue to correct downward unless it’s able to break resistance at $72,000. Bitcoin Signals based this on the “current market structure and price behavior following a clear breakout on the long-term chart,” suggesting a continuation of the decline.</p> 
<h2 class="p2" id="btc-price-on-the-charts">BTC Price On The Charts</h2> 
<p class="p2">Selling pressure is currently dominating <a href="https://www.newsbtc.com/news/bitcoin-metric-3-month-downtrend/">the Bitcoin price</a>, as evidenced by the direction of the cryptocurrency while seeing an uptick in major metrics. For example, CoinMarketCap data shows that the daily trading volume of BTC is up 89.85% in the last day. However, with the price going down, it suggests that this increase in volume is being caused by sellers rather than buyers.</p> 
<p class="p2">In the last 24 hours, the Bitcoin price has seen an almost 4% <a href="https://www.newsbtc.com/news/hedge-funds-heavily-betting-bitcoin-to-fall-strategy-fail/">decline in price</a>, falling to the $66,700 territory. This has eliminated the majority of its gains from last week as the weekly chart shows a 3% decline. It has fallen to its lowest level in June, putting it on par with the May 2024 crash.</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/XBvllfOl/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Crash Below $67,000 Sends Market Spiraling, Here Are The Levels To Watch

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