The price of bitcoin (BTC) has plummeted to below $65,000, its lowest level in over a month. The bears have been in control for some time, causing the price to continue its downward trend and sparking widespread fear and pessimism in the market. Many investors have lost hope in a bull market and are now selling their bitcoins, potentially leading to a further decline towards $62,000.
BTC crashes and plunges below $65,000
The crypto market has turned into a bloodbath, with bitcoin failing to recapture the $67,000 mark and instead crashing nearly 4% to around $64,500. This has led to a collapse in altcoins, with losses ranging from 10% to 20%.
The bulls are currently holding the support zone just above $64,000, causing the bitcoin price to make a small jump to around $66,000. However, if this support is lost, the price could fall towards the low regions of $60,000.
According to Dutch crypto analyst Jelle, the next support level is between $60,000 and $62,000, which is also the bottom of the consolidation range that bitcoin has been stuck in for months.
Bitcoin investors are packing their bags
In recent days, more and more bitcoins have been sent to crypto exchanges, often for selling purposes, which is bearish for the underlying bitcoin price. This increased selling pressure is already impacting the price, and could potentially cause even more pain.
With the Bitcoin halving already two months behind us, short-term holders are becoming increasingly sensitive to BTC price drops. If the bulls do not make themselves heard soon, the selling pressure could increase, leading to a decline towards $62,000.