Bitcoin Price In ’Vulnerable Position’ As 2022 Playbook Repeats – Is $54,000 Next?
Summary
Bitcoin has dropped to a four-month low near $61,383 and is trying to reclaim $64,000 after a 15% fall in four days. Analysts say BTC has retested the 200-week SMA for the first time in this bear cycle, a level that previously marked a major bear-market turning point. Historical pattern comparisons suggest Bitcoin could break lower if it loses the $60,000 area, which has shown weakening support through repeated rallies. Another analyst says the breakdown from $72,000 leaves Bitcoin vulnerable to a 25%-30% decline, with the next major support zone between $54,000 and $50,000.
