BTC/USD Forecast: Downward Pressures

By Christopher Lewis of DailyForex

Forex Trader • Jun 19, 2024 at 6:02 AM EDT

Bitcoin fell rather hard during the trading session on Tuesday, as we are now below the crucial $65,000 level as I record the video.

There has been a significant amount of downward pressure and it's probably worth noting that the moving average convergence divergence indicator has crossed the zero line over the last couple of days. This suggests that we do have further downward pressure just waiting to happen. And I think at this point, we may go looking to the bottom of the overall consolidation range. That means we could drop as low as $60,000, which is an area we had bounced from previously.

If We Continue to Fall…

(Click on image to enlarge)

If we were to break down below that, it would be a rather significant turn of events. But right now, I think we have a situation where Bitcoin is just looking for some type of clarity. This is a market that I think will continue to see a lot of noise. But keep in mind, we had risen 92% in just six weeks previously. So, it's not a huge surprise to see that the market has struggled to find its footing and decide to go in one direction or the other. We have been bouncing around between the $60,000 level on the bottom and $73,000 on the top. The $67,000 level has been important as well, so if we do bounce, I suspect that is a potential target. But right now, I think we probably see a little bit more of a drift to the downside. Nothing toxic, nothing fatal, but just a bit of a drift.

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