Although Bitcoin has witnessed a severe decline, other major altcoins have also faced similar consequences and this decline is considered to be a healthy decline at the moment. What's more, the rally has been so rapid that it appears to be a repeat of the previous cycle, although there are concerns about its impact, with reports of a “black swan” emerging. That being said, can we consider the current drop as the last chance to accumulate BTC below $65,000, or will it provide another chance below $60,000?
BTC price fell significantly on the last trading day, forming a low of $60,660, but recovered to near $64,000. This suggests that traders were expecting the price to drop to near $60,000, casting a bearish cloud over the cryptocurrency. Although market sentiment is bullish, the token appears to be following previous gains, indicating that BTC price is yet to face a final pullback before a major rally.
Will Bitcoin price find a low below $60,000?
Considering the RSI movement, it is clear that the rise is a repeat of previous price movements. Previously, when the RSI broke below consolidation, BTC price fell significantly from its then high of over $46,000 and formed a low around $38,600. A similar trading pattern appears to be repeating as the third attempt to break out of the final resistance zone between $72,279 and $73,779 was rejected, which may have increased selling pressure on the cryptocurrency.
If the price repeats the previous cycle, traders may have another chance to accumulate BTC at a further discounted price. At that time, the price was below the critical support, increasing the chances of the token falling below $60,000 and reaching the critical support around $58,808. However, global tensions are also contributing to the decline, which could keep Bitcoin in decline for several days.
However, as soon as the RSI hits the lower bound and causes a pullback, a new bullish move could begin and the price could head towards new highs, possibly above $75,000.
