Bitcoin slid by more than 4% dragging its price to $61,000 on Monday. This bearish trend could intensify as the leading cryptocurrency appears to be forming a double-top pattern while testing its support level.Bitcoin has witnessed a massive surge this year, triggering rallies in the broader crypto market as well. This uptrend can be largely attributed to the much-anticipated launch of several spot Bitcoin ETFs, which has boosted institutional engagement as well as mainstream acceptance.
However, BTC’s value has fallen since hitting an all-time high of nearly $74,000, and the asset dumped even more in the past 24 hours, falling to a multi-week peak of $61,000. But 10x Research’s latestsuggests that more pain could be on the horizon. In fact, BTC might transition from its current $60,000-70,000 trading range into a topping formation, potentially leading to a steeper decline.
Markus Thielen, founder of 10x Research, highlighted $61,500 as a crucial threshold in a note to clients, which the asset fell below earlier today. If it fails to bounce off soo, the cryptocurrency could further plummet to the low of $50,000.“Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000 – if not $45,000.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.