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CDS Crypto News Breaking Crypto News – Analyzing Bitcoin Price Clusters: Potential Impact on $64K Support

Crypto News

Breaking Crypto News – Analyzing Bitcoin Price Clusters: Potential Impact on $64K Support

lectertodd18/06/20241 Mins read358

Breaking Crypto News - Analyzing Bitcoin Price Clusters Potential Impact On $64K Support

Breaking Crypto News – What Do Bitcoin Price Clusters Suggest About the Loss of $64K Support?

Breaking Crypto News – It appears that a further correction in the price of Bitcoin is possible, based on the price action clustered over $71,600. Rekt Capital, a well-known cryptocurrency expert, claims that the BTC price cluster that formed close to the range high of $71,600 indicates more possible downward activity.

Table of Contents

When Bitcoin forms clusters of price action near the Range High resistance at ~$71600… These precede downside into lower levels of the range.
Rekt Capital

Bitcoin May Need to Fall to 64K to Rebound

Prior to dropping to the current $65,455 level, the price of Bitcoin reached a range high of $71,949 on June 7. According to CoinMarketCap data, the first cryptocurrency in history is down 2.12% on the weekly chart. Rekt Capital suggests that before the “parabolic phase” of the bull cycle can start, the price of Bitcoin could need to drop below $64,000 for a sound reset.

You could argue that Bitcoin has already filled the Daily CME Gaps at ~$64,000 (blue) and ~$62,500 (orange). And yet, Bitcoin is getting very close to retesting both of them again.
Rekt Capital

FAQ

What are Bitcoin Price Clusters?

The term Bitcoin price clusters describes the tendency of the asset’s values to group around rounded figures.

What is the Bitcoin Price Right Now?

The Bitcoin price is currently trading at $65,455.

What is a Parabolic in Crypto?

A coin with a dramatic spike or fall in value quickly is known as a parabolic cryptocurrency. At $120, for instance, a coin may drop abruptly to $108, then $92, and finally $86 in a brief amount of time.

For more up-to-date crypto news, you can follow Crypto Data Space.

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lectertodd

Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.