The post Bitcoin Crash Imminent? BTC Breaches Crucial Level appeared first on Coinpedia Fintech News
Bitcoin (BTC), the world’s largest cryptocurrency by market cap appears bearish and is poised for a notable price decline in the coming days. The bearish outlook is driven by overall market sentiment and the recent breakdown of a crucial support level at $66,500.
Bitcoin Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, BTC appears bearish as it failed to sustain above the $66,500 level. In addition to this, it has further formed a bearish engulfing candlestick pattern on the daily time frame at the upper boundary of the descending channel pattern.
Source: Trading View
However, this upper boundary is a level where the asset has experienced notable selling pressure earlier. Since March 2024, BTC has reached this level more than six times, with each instance followed by a price decline of over 20%. This time, the chart pattern appears s
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