Bitcoin (BTC) is presently grappling with maintaining its price above the $60,000 threshold amidst persistent sell-offs across the broader market.
Indeed, some players within the market speculate that Bitcoin may face further devaluation leading up to the halving event. For instance, market strategist Gareth Solway suggested on April 16 that geopolitical tensions served as a catalyst for Bitcoin’s price to breach a significant support trend line, which had been pivotal in propelling the cryptocurrency’s upward trajectory since February.
Bitcoin price analysis chart. Source: TradingView
Soloway emphasized that the breakdown remains unconfirmed while the support trend line has been breached. He explained this concept using probability, indicating that when Bitcoin was trading above the key trend line, the further upside was favored by approximately 75%.
Bitcoin seven-day price chart. Source: Finbold
Overall, recent short-term price movements have placed a critical responsibility on Bitcoin bulls to maintain the price above $60,000. A drop below this crucial level would signify a potential downward trajectory for the cryptocurrency.
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