Bitcoin Price Prediction: BTC Drops to $67,000 – Sell-Off Continues or Buy Opportunity?

On the 4-hour chart, Bitcoin has breached the upward trendline around the $67,500 mark, that’s driving a bearish Bitcoin price prediction .

This bearish movement is further reinforced by the formation of a bearish engulfing candle below the 50 EMA level of $68,243. The Relative Strength Index (RSI) at 40 indicates a bearish momentum, suggesting further downside potential.

Key price levels to watch include the pivot point at $68,000, which is a crucial indicator for Bitcoin’s next move. Immediate resistance levels are at $68,250, $69,365, and $70,500.

On the support side, Bitcoin has immediate support at $67,000, followed by $66,601 and $65,911. The 50-day Exponential Moving Average (EMA) is currently at $68,243, which is providing significant resistance.

Bitcoin’s violation of the upward trendline and the formation of bearish patterns suggest a continuation of the downward trajectory.

The next significant support level is at $66,600, which could act as a potential price floor if the bearish trend persists. A breach of this level may lead to further declines towards $65,911 and $65,074.

Conversely, if Bitcoin manages to reclaim and hold above the pivot point of $68,000, it might face resistance at $68,250, and a breakthrough could lead to a recovery towards $69,365 and potentially $70,500.

Key Observations:

• 50 EMA: $68,243
• RSI: 40, indicating bearish momentum
• Pivot Point: $68,000

Given the current technical setup, the outlook for Bitcoin remains bearish below the $68,000 pivot point. Traders should consider selling below this level, targeting $66,600, with a stop-loss placed above the $68,500 resistance to mitigate potential losses in case of a price reversal.