After notable bullish days when Bitcoin surpassed the $73,000 mark, the bulls are now taking a hit. Due to the rapid decline in market value, BTC price is heading downhill and below the $68,000 level.
Considering the 7.33% decline, BTC price lost its bullish hold overnight. A bearish engulfing candlestick formed on the daily chart, causing huge liquidations in the market for the largest cryptocurrency.
So, as Bitcoin price is in a pullback phase after hitting an all-time high, let's take a closer look at the price chart to find the next support.
Will Bitcoin (BTC) price rebound and reach $100,000?
The weekly chart shows that BTC price has formed a new all-time high and is bullishly breaking out of the round bottom. This shows significant positive sentiment towards the cryptocurrency and suggests a long-term upward trend. To find out when Bitcoin will reach $100,000, check out his BTC price prediction for the next few years.
Source: Tradingview
However, in the short term, Bitcoin price has taken a slight hit, showing higher price rejection on the weekly candlesticks. This is accompanied by an overnight bearish reversal, suggesting a possible retest.
On the daily chart, the BTC price trend is breaking below the key dynamic support of the 50-EMA. Furthermore, the rate of decline is below the 78.60% level, which may indicate an extension of the pullback.
trading view
The current decline could push BTC price towards the 50% Fibonacci level on the 4-hour chart above. Moreover, recent bearish engulfing candlesticks support this possibility.
Therefore, a sudden drop in Bitcoin price allows sideline traders to find entry opportunities at lower levels. According to the Fib level, the next support levels that could trigger a pullback are around $65,000 and $62,000.
Optimistically, an early reversal or expected rebound could lead to new all-time highs. In such a case, the BTC price could reach $100,000. Moreover, the upcoming halving could be the next bullish trigger.
