The post Bitcoin Price Struggles Below $64K: Is a Major Dip Coming? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has been forming a potential midterm reversal pattern in the four-hour timeframe after experiencing a significant resistance level of around $64k. The flagship coin slipped around 2 percent in the past 24 hours to trade at about $63,241 on Thursday, September 26, during the early Asian session.
Consequently, Bitcoin price closed below the 200-day Moving Average (MA) and has not managed to flip the resistance level around $64k.
Bitcoin Price Targets
In the four-hour time frame, Bitcoin price has been forming a reversal pattern, characterized by a potentially triple top coupled with a bearish divergence on the Relative Strength Index (RSI). According to veteran trader Peter Brandt, Bitcoin price must consistently close above the July high of about $65,200 to ensure bullish momentum.
As a result, Brandt believes Bitcoin price could drop below $49k in the short term before rebounding towards its all-time high. Nonetheless, Bitcoin price has established a robust support level above $53k, which could provide additional support for a midterm rebound.
US Bitcoin ETFs Attract $105 Million Amidst Whale Sell-Off
Despite the changing economic outlook -fueled by the rate cuts in the US, Europe, Canada, and China- Bitcoin whales have depicted mixed reactions in the recent past. According to in-chain data analysis, Bitcoin whales sold over 20k BTC units in the past 24 hours.
Meanwhile, the US spot Bitcoin ETFs registered a net cash inflow of about $105million on Wednesday, thus making it over $1 billion inflows for the past three weeks.
Most Wall Street analysts believe Bitcoin price will mirror that of Gold in the short term as the bullish fourth quarter begins in a week.