Bitcoin (BTC) faces new lower BTC price targets after dropping as much as 8% over the last seven days.
Traders and analysts are debating whether the market may drop further — and how low it can go.
Could Bitcoin price drop to $63,000?
After a failed attempt to climb above $70,000 on June 12, the BTC has retraced toward the $66,000 demand zone.
At the time of publication, the price of the leadingcryptocurrency was exchanging hands at $66,842, down 4% over the last 24 hours, according to data from CoinMarketCap.
Popular analyst Mark Cullen utilized the Elliott Wave method to demonstrate that a final down move could come imminently, taking Bitcoin to around $63,000.
“Bitcoin is sweeping the weekend highs and then continuing with the downside move,” Cullen said in a June 11 post on X, adding that “there is still more to go.”
“Bitcoin hits the first target red box. The question now is how the CPI and FOMC impact price?”
Fellow analyst Matthew Hyland noted that BTC/USD was trading above a key support level at $67,000, which appeared to be the first line of defense before the price prints lower lows.
Sharing a chart in an X post, Hyland explained that the price is consolidation on longer timeframes, which “favors a continuation” of the uptrend. However, if the price drops below the said level, the analyst sets a lower target for BTC around the $64,700 level.
The $63,000 to $65,000 demand zone would put BTC price action at its lowest since mid-May and could represent one of the largest drawdowns from the current all-time highs of around 15%.
Bitcoin price loses key moving average
Continuing, MN Capital founder Micheal van de Poppe examined BTC’s price action on the daily timeframe for insights into the nature of support the coin enjoyed on the downside.
Uploading a chart to X, van de Poppe noted that BTC/USD had lost the support of its 50-day exponential moving average (EMA), which is currently at $67,011.
He further explained that the price still held “a crucial level of support” above $66,000, where the 100-day EMA currently sits.
A closer look at the daily chart below shows that BTC also lost this support during today’s drawdown, increasing the odds of deeper drops.
The 200-day EMA at $64,000 now presents the last line of defense for BTC and could be where the downside could be capped in the short term.
The downward trend displayed by the relative strength (RSI) and the price strength at 44 suggested that the market conditions favored the downside.
Interestingly, data from Coinglass shows significant liquidity building up between $63,000 and $65,500 over the last 30 days.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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