Is Bitcoin going to $65K? Traders explain why they're still bearish

Quick Summary:

But BTC price is down approximately 25% from its record high of around $110,000, which is normal for a “bull market correction.”Still, some analysts anticipate the Bitcoin price declines to continue in the future.“Dark cloud” hints Bitcoin is topping outBitcoin faces renewed bearish pressure after rejecting at $87,470, the descending channel resistance, with a “dark cloud cover” pattern reinforcing the downtrend, according to an analysis shared by GDXTrader on X.

Related: Here’s why Bitcoin price can’t go higher than $87.5KNotably, Bitcoin attempted to break toward the local supply zone marked in red but failed to sustain above the said resistance zone, illustrated by the orange circle in the chart below.

BTC price “perfect rejection” risks $65,000Bitcoin’s potential to decline further arises from its “perfect rejection” after testing the $86,000-88,000 zone as resistance, according to analysis from popular trader CrediBULL Crypto.

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Article Details

Author / Journalist: Cointelegraph by Yashu Gola

Category: Crypto

Markets: United States

Topics: Higher Btc/usd Cloud According Price Support Resistance Bitcoin Zone Chart March

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-21 @ 13:20:00 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 574 words

Reading Time: 4 minutes read

Sentences: 31 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27218403

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

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