17 hour ago
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BEARISH 📉 : Bitcoin faces heavy selling, drops to 10-month low at $74K
Bitcoin Price Movement
- Bitcoin dropped below $84,000 over the weekend, reaching approximately $74,000 on Monday, its lowest in 10 months.
- The price decline reignited discussions about future market directions.
Key Levels and Scenarios
- Bitcoin currently trades above the $75,000 support zone, seen as critical by analysts at Bull Theory.
- The cryptocurrency has fallen below both the 20-week and 50-week moving averages, suggesting weakening market momentum.
Potential Outcomes
- If Bitcoin holds above the April 2025 low and forms a higher low, the drop to $75,000 may be a corrective pullback within an ongoing uptrend.
- If support levels fail, a deeper correction could follow, with potential movement into the $50,000 to $60,000 range.
The outcome hinges on maintaining key support levels: holding above $75,000 on weekly closes and preserving the April 2025 low.