Bitcoin slips under $64K as record-high selling intensifies: Where is the bottom?

💡 DMK Insight

Bitcoin’s dip below $64,000 signals serious selling pressure, and here’s why that matters: The market’s current state reflects a historic level of selling, which raises concerns about further declines. Analysts predicting a drop below $60,000 aren’t just throwing darts; they’re basing this on a combination of technical indicators and market sentiment. If we look at the daily chart, a sustained break below $64,000 could trigger stop-loss orders, leading to a cascading effect that might push prices even lower. Traders should keep an eye on volume trends—if selling volume remains high, it could indicate that the bearish sentiment is gaining traction. But let’s consider the flip side. If Bitcoin can hold above $64,000 and show signs of recovery, it might attract buyers looking for a bargain. Watch for resistance levels around $66,000; a breakout above that could signal a short-term reversal. For now, though, the immediate focus should be on how the market reacts to these lows and whether we see a bounce or a deeper plunge.