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Technical charts show Bitcoin price hanging on to softening support in the $68,000 to $65,000 zone, and a breakdown below the level could usher in new lows in the $50,000 range.
💡 DMK Insight
Bitcoin’s precarious position near $68,000 is a critical juncture for traders right now. With support softening in the $68,000 to $65,000 range, a breakdown could trigger a swift move toward the $50,000 mark. This isn’t just a technical level; it’s a psychological barrier that could lead to panic selling if breached. Traders should be on high alert for volume spikes or bearish signals on the daily charts, as these could indicate that the market is losing confidence. On the flip side, if Bitcoin manages to hold above $68,000, it could set the stage for a rebound, potentially drawing in buyers looking for a dip. Watch for key indicators like RSI and MACD to gauge momentum shifts. If we see a significant drop below $65,000, it might be wise to reassess long positions or consider hedging strategies. Conversely, a bounce back above $70,000 could signal a bullish reversal, opening up opportunities for short-term gains.
📮 Takeaway
Monitor Bitcoin closely; a drop below $65,000 could lead to a swift decline toward $50,000, while holding above $68,000 may signal a potential rebound.
