Bitcoin Crash to $56k Warned by Analyst in Bulls vs. Bears Battle
Bitcoin (BTC) faced further declines on Thursday due to higher U.S. interest rates and escalating tensions in the Middle East. Analysts are closely monitoring BTC’s price movements as it approaches the Bitcoin halving, expected to occur around April 19 or 20. Despite attempts to stabilize above $65,000, BTC has struggled, indicating a bearish trend.
Crypto analyst Ali Martinez noted in a recent post on X (formerly Twitter) that Bitcoin has entered a consolidation phase within a defined trading channel, with $61,000 being a critical support level. At present, BTC is hovering around $61,000, which Martinez considers crucial for its next moves. If Bitcoin falls below this level, it could drop to $56,200. Conversely, if it rises above $62,300, it could signal a potential upswing to $66,500.
In terms of price analysis, Bitcoin reached a daily high of about $62,210 before retracing and struggling to maintain a price above $61,000. Currently, BTC is trading at $61,080, reflecting a 3.49% correction in the last 24 hours. Over the past week, the cryptocurrency has experienced a notable decline of 13.85%.
Despite the introduction of spot crypto exchange-traded funds (ETFs) in Hong Kong, which offered hope for investors affected by China’s crypto ban, Bitcoin’s climb towards $70,000 faced challenges. It remains uncertain whether these ETFs will trigger a Bitcoin surge similar to the one in the U.S. With BTC’s current downward trend, investors are now focused on how the upcoming halving event will impact the market.
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