On Thursday, Bitcoin (BTC) experienced further declines amid ongoing pressure from higher U.S. interest rates and escalating geopolitical tensions in the Middle East.
Analysts are closely watching BTC’s price movements as it approaches a critical moment, the Bitcoin halving which is expected to happen sometime around April 19 or 20.
Despite attempts to stabilize above the $65,000 threshold, BTC’s price has struggled, signaling a bearish trend.
Crypto analyst Ali Martinez highlighted in an X (formerly Twitter) post on April 18, that Bitcoin had entered a consolidation phase within a defined trading channel, identifying $61,000 as a critical support level.
At the press time, BTC is hovering around the $61,000, a level Martinez considers crucial for its next moves.
He suggests that if Bitcoin falls below this level, it could drop to $56,200. On the other hand, if cryptocurrency can rise above $62,300, it could signal a potential upswing to $66,500.
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