Bitcoin’s price could drop to $63,000 in the coming weeks, according to multiple technical signals.
Bitcoin (BTC) faces new lower price targets after falling as much as 8% over the past week.
Traders and analysts are debating whether the market will decline further — and how low it can go.
Could Bitcoin Price Drop to $63,000?
After a failed attempt to climb above $70,000 on June 12, BTC has retraced toward the $66,000 demand zone.
At the time of publication, the price of the leading cryptocurrency was $66,842, down 4% over the last 24 hours.
Popular analyst Mark Cullen used the Elliott Wave method to suggest that a final downward move could take Bitcoin to around $63,000. He indicated that Bitcoin is sweeping the weekend highs and then continuing with the downside move, adding that there is still more to go.
Fellow analyst Matthew Hyland noted that BTC/USD was trading above a key support level at $67,000, which appeared to be the first line of defense before the price could print lower lows. Hyland explained that the price consolidation on longer timeframes favors a continuation of the uptrend. However, if the price drops below this level, he sets a lower target for BTC around the $64,700 level.
The $63,000 to $65,000 demand zone would place BTC at its lowest since mid-May and could represent one of the largest drawdowns from the current all-time highs, about 15%.
Bitcoin Price Loses Key Moving Average
MN Capital founder Michael van de Poppe analyzed BTC’s price action on the daily timeframe for insights into the nature of support on the downside. Van de Poppe noted that BTC/USD had lost the support of its 50-day exponential moving average (EMA), currently at $67,011. He further explained that the price still held a crucial level of support above $66,000, where the 100-day EMA currently sits.
A closer look at the daily chart shows that BTC also lost this support during today’s drawdown, increasing the odds of deeper drops.
The 200-day EMA at $64,000 now presents the last line of defense for BTC and could be where the downside might be capped in the short term.
The downward trend displayed by the relative strength index (RSI) and the price strength at 44 suggested that market conditions favored the downside.
Interestingly, significant liquidity has been building up between $63,000 and $65,500 over the last 30 days.
