Bitcoin is at ‘pivotal level’ as $65K downside risk looms: Analyst
Bitcoin is at a key support zone near $70,000 to $71,000. If that level fails, price could fall toward the February low around $60,000, with one analyst saying buys may emerge below $65,000. If support holds, Bitcoin could move toward $76,600, which could also trigger a broader crypto rally and an “altcoin summer.” Views are split on whether the February low was the cycle bottom. One trader warned $60,000 may not be the lowest point this year, while another said Bitcoin may drift higher over the summer but likely peak by late July. Weak ETF demand may be signaling a bottom is near, but spot Bitcoin ETFs have recorded 10 straight days of outflows, with nearly $3 billion in net redemptions and about $10 billion lost in assets over two weeks.
