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Despite Bitcoin’s persistent efforts to stabilize its price above the $64,000 threshold, the leading cryptocurrency has recently experienced a decline. Its price fell by approximately 0.6% in the past 24 hours, settling at $65,619.

This ongoing downward trend, which has seen Bitcoin lose nearly 5% over the past two weeks, is causing concern among investors and traders alike, per the Crypto News Flash report.

Amid these fluctuations, notable crypto analysts are offering varied perspectives. CrediBULL Crypto, a well-known figure in the digital currency space, shared a cautiously optimistic view on X (formerly Twitter), suggesting that Bitcoin might have reached its low point. CrediBULL Crypto noted:

There’s a chance our $BTC bottom is in with this SFP…Yes, we can still technically go lower…but it would not surprise me to see that zone front run.

The analyst also urged caution emphasizing the need for a bullish signal before taking up any major trading bets.

Conversely, Skew, another respected trader, highlighted recent activity on major exchanges as indicative of the market’s sentiment. He noted that while there was some buying on Coinbase and Bitfinex, Binance continued to experience sell pressure. the analyst noted:

I think $66K – $67K is the key area to gauge if there’s ongoing absorption, else lower prices will come with price bleeding.

Bitcoin Has Strong Buying Support At $64,000

Over the last week, the Bitcoin price has corrected more than 7% and has been currently finding support at around $65,000 levels, per the Crypto News Flash report. The steep selling pressure comes amid massive outflows from spot Bitcoin ETFs as the Federal Reserve decides to keep interest rates higher for a longer-than-expected period.

As shown in the daily chart above, the price has closed below the $65,500 support level. However, for this level to be confirmed as resistance, Wednesday’s candle would also need to close below it. The wick down to the $64,000 level indicates strong buying support at that point.

However, if the $64,000 strong support is broken, the BTC price can spiral down further to lower levels. We can clearly identify the major support areas by drawing on the Fibonacci levels. Notably, the $60,000 level has served as support in 7 of the past 16 weeks. If this trend is broken, $60,000 could finally give way, with $52,000 and $46,000 being the final two critical support levels before potentially entering a bear market.

Despite the challenges facing Bitcoin, such as post-halving miner sell-offs, long-term holders taking profits, and hedge funds arbitraging with paper shorts on the CME exchange, a bounce seems imminent. This rebound could occur as early as this week or next. Bitcoin is entering oversold territory on medium to higher time frames, suggesting that upward momentum may soon lift the price higher.

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