Bitcoin (BTC) Lacks Upside Momentum, Risks Further Slide to $60,000
JH Kim
Summary
- Analyst Aksel Kibar said Bitcoin (BTC)’s recent upward move is losing momentum.
- He said Bitcoin may face further declines if it fails to reclaim the $82,800 support level.
- He said Bitcoin could re-enter a liquidity-heavy zone with room to fall to $60,000 if it fails to show strong upward momentum.
Forecast Trend Report by Period
Bitcoin’s recent rebound is losing momentum, raising the risk of further declines, according to one analyst. If the cryptocurrency fails to reclaim a key support level, it could fall as low as $60,000.
Finbold reported on Oct. 12 that Aksel Kibar, an analyst and former National Bank of Abu Dhabi strategist, sees further downside for Bitcoin if it cannot recover support at $82,800.
Unless Bitcoin reclaims the $82,800 support level and shows strong upside momentum, it could re-enter a liquidity-heavy zone that leaves room for a drop to $60,000, Kibar said.
He added that recent price action shows a lack of upside momentum compared with past bullish breakout candles.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.