Bitcoin hits a three-week low… some see $41,000 amid oil-price risks

Uk Jin

Summary

Traders said Bitcoin is weakening amid geopolitical tensions emanating from the Middle East and are increasingly leaning toward the possibility of additional downside.
Michaël van de Poppe said he would look for buying opportunities in the low-$60,000 range.
Aaron Dishner said his downside target, based on current levels, is around $41,000.

Forecast Trend Report by Period

Bitcoin (BTC) is weakening amid geopolitical tensions emanating from the Middle East, fueling concerns that it could fall further.

As of the 27th (Korea time), Bitcoin was down 4% from the previous day at $66,800, according to cryptocurrency market-tracker CoinMarketCap. That is the lowest level so far this month.

Against this backdrop, traders are increasingly leaning toward the likelihood of additional downside in the near term.

Crypto trader Jelle said the $70,000–$71,000 zone has again been confirmed as resistance, adding that with substantial liquidity stacked below, there is a high chance the price will eventually tag that area at least once.

Crypto analyst Michaël van de Poppe said he expects a move that sweeps through liquidity at the lows, adding that in that case he would look for buying opportunities in the low-$60,000 range.

Veteran trader Peter Brandt said Bitcoin is flashing a bearish signal from a rising-wedge pattern.

Some also see the price sliding as low as $41,000. Trader Aaron Dishner said recent price action looks more like hesitation than a rebound, adding that his downside target based on current levels is around $41,000.

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