The Bitcoin price fell hard on Tuesday, hitting $67,289—its lowest level since April—reshaping sentiment toward a more bearish outlook as bulls lose key support zones.
The Bitcoin price is down about 6% over the last 24 hours and roughly 15% on the monthly timeframe. After the drop, Bitcoin is around 47% below its all-time highs of $126,000 set during last year’s rally.
What’s Next For The Bitcoin Price?Martinez pointed to the loss of channel support, the loss of the 100-day simple moving average (SMA), and the move below the 0.5 Fibonacci retracement level around $71,300.
The analyst said that once all three were lost, the odds of downside acceleration rose sharply, pointing to $65,000 as the next likely move. From current levels, that potential retrace would mean an additional pullback of about 3.4%.
BTC To $48,000 By SeptemberIn that scenario, the “next stops,” according to Nonzee, include “$60,000 in days,” and $48,000 by September. Short Bitcoin price bounces may happen, but he argued that waiting for a full bull market right now would be a mistake.
Featured image created with OpenArt; chart from TradingView.com
