Key points:
Bitcoin risks falling below $65,000, but lower levels are likely to attract solid buying by the bulls.HYPE, ZEC and XLM look strong on the charts while other major altcoins risk resuming their downtrend.
Bitcoin (BTC) is attempting a bounce off the $65,426 level, but the bulls are struggling to hold onto higher levels. The launch of fresh strikes by the US and Iran has hurt sentiment, but Bitrue Research Institute research lead Andri Fauzan Adziima told Cointelegraph that the fall was more about “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear.”
All eyes have shifted to BTC’s yearly lows of $60,000. Veteran trader Peter Brandt said in a post on X that BTC has formed an expanding triangle, a common and reliable pattern. He projects a decline to about $56,000, but added that a move above $75,000 would invalidate this bearish view.
Crypto market data daily view. Source: TradingView
The short-term trend has turned negative, but the bulls are unlikely to give up without a fight. Buyers are expected to enter the $65,000 to $60,000 zone, but relief rallies are likely to be sold into. Volatility is likely to increase over the next few days as the bulls and bears battle for supremacy. Buyers will have to propel the price above $77,000 to signal that BTC has bottomed out in the short term.
What are the crucial support levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC collapsed after breaking below the support line on Tuesday, indicating aggressive liquidation of long positions.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
There is support at $65,000, but that may not hold. That clears the path for a drop to the $62,500 to $60,000 support zone. Buyers are expected to defend the zone with all their might, as a close below it would signal a resumption of the downtrend. The BTC/USDT pair then risks falling to $50,000.
The bears will attempt to maintain their advantage by selling the relief rallies to the 20-day exponential moving…
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