Bitcoin plummeted over 7%, hitting a three-week low of $65,700. Analysts like Ted Pillows and Ali Martinez are cautioning that the crypto risks losing its $65K-$72K support, potentially dropping to $48,387-$36,657, a 30%-45% fall. The cryptocurrency has been testing a bear flag pattern for nearly two months.
Another red flag: Bitcoin fell below its 200-week Exponential Moving Average (EMA), now seen as unstable support. A weekly close below this level might confirm a larger downside trend.
Ted Pillows and Ali Martinez highlight critical zones for potential rebound opportunities.
Bitcoin currently trades at $65,600, marking a 6% weekly decline.